Buhari to Unveil New Naira Notes Wednesday PremiumTimesng: Nigeria
President Muhammadu Buhari is to formally unveil the new naira notes on Wednesday, except the president changes his plan in the coming hours, PREMIUM TIMES understands.had on October 26 announced its plan to redesign all major naira notes. It gave December 15, 2022 as the date to start circulating the new notes.
The central bank said it would redesign naira notes to have control of the amount of currency in circulation, and to enable it manage inflation and tackle counterfeiting. "To be more specific, as at the end of September 2022, available data at the CBN indicate that N2.73 Trillion out of the N3.23 trillion currency in circulation, was outside the vaults of Commercial Banks across the country; and supposedly held by the public.
Responding to concerns about Nigerians in the rural areas especially as the timeframe for submission of the old note is short, the bank said it has made provision for easy exchange.
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