Naira Redesign: CBN Launches Countdown Clock
The Central Bank of Nigeria has launched a countdown clock on its website for the January 31, 2023 deadline for the N200, N500, and N1,000 notes currently in circulation.
The apex bank had announced a Naira redesign policy to produce new notes for three of the naira denominations in circulation: N200, N500, and N1,000 notes.
The CBN had set December 15, 2022, as the official start day for the circulation of the new naira notes.
It said the notes currently in circulation would remain legal tender alongside the new notes from December 15, 2022 to January 31, 2023.
The highest bank said the old notes would cease to be legal tender from the January 31, 2023 deadline.
He described as unacceptable the current situation – of September 2022 – in which a total of N3.2 trillion was in circulation, out of which N2.73 trillion was outside the vaults of the banks.