CBN to redesign N200, N500 and N1000 notes
Apex bank to mop up N3.23tr to tackle inflation
The Central Bank of Nigeria (CBN) has announced plans to redesign some naira notes.
The CBN boss, Godwin Emefiele, disclosed this at a press conference on Wednesday, October 26.
According to Emefiele, the Naira notes to be redesigned include N200, N500 and N1000.
He stated that the new design and issues will be effective from December 2022 and advised Nigerians to go to the bank when the time comes to exchange the old notes for the newly designed ones.
Emefiele also announced that the apex bank would in the next 100 days mop up N3.23 trillion from circulation to tackle rising inflation.
He said that of the N3.23 trillion cash in circulation as of September 2022, N2.73 trillion is outside the vault of banks.
Emefiele said both the funds within and outside the banking system will be mopped up from today till January 31, 2023 to the CBN’s vault to control rising inflation.
