The Central Bank of Nigeria (CBN) on Wednesday announced that it would soon release resigned naira notes into the economy.
Governor of the CBN, Godwin Emefiele who made the announcement during a press briefing, stated that the redesigned naira notes would be introduced by December 15, 2022 and will affect the highest denominations: 200, 500, 1000 notes.
He said that the action was taken in order to take control of the currency in circulation.
According to him, the bulk of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.
He also said that the old notes and the new notes would circulate together until January 31, 2023 when the old notes would cease to be legal tender.
He added that the action would also raise CBN’s stake in addressing the challenge of inflation.
Reminded that the current regulation allows only N150, 000 free cash deposit, he said that even if a customer wanted to deposit N 1 billion, the person would be allowed to do so.
Mr. Emefiele assured that the CBN would continue to monitor both the financial system in particular, and the economy in general, and always act in good faith for the achievement of the Bank’s objectives and the betterment of the country.
There has been claims even by top government officials that some unscrupulous members of the society were hoarding large volumes of currency notes in warehouse, farms, septic tanks.
Very dirty and smelly Naira notes have been in circulation, especially since political activities heightened across the country.