By Press Unit

Management of the CBN, in line with provisions of section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007, had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of 200, 500, and 1,000 naira banknotes.

The CBN urges Nigerians to support the currency redesign project, which is in the overall interest of every citizen of the country. The hoarding of significant sums of banknotes outside commercial banks’ vaults should not be encouraged by anyone who means well for the country.

CBN had tarried for too long, considering it had to wait 20 years to carry out a redesign.

In contrast, the standard practice globally was for central banks to redesign, produce and circulate new local legal tender every five to eight years.

@views exclusive rights: Press Unit, Central Bank of Nigeria, CBN, October 29, 2022.