BREAKING: Buhari to unveil new naira notes tomorrow

Godwin Emefiele, the Governor of the Central Bank has confirmed that President Muhammadu Buhari will unveil the designed Naira notes tomorrow, Wednesday, November 23, 2022.

Emefiele announced this during the Central Bank’s Monetary Policy Committee monthly meeting in Abuja.

Background gist: In October, the apex bank announced that it would redesign the N200, N500, and N1,000 notes. The apex bank also set December 15, 2022 as the official start day for circulating the new naira notes.

The policy sent shockwaves to the forex market, causing the naira to hit its lowest point of N910/$1 at the black market, as many people rushed to exchange their naira for USD. The naira has since recovered to trade at N680/$1.

Whats the rush: However, he has disclosed that CBN won’t wait till December anymore for the unveiling of the new notes.

What you should know: He said the deadline for returning the old Naira notes to commercial banks in exchange for newly designed ones would not be shifted. The CBN recently directed commercial banks in the country to remain open on Saturdays until January 31, 2023, to allow bank customers to exchange old naira notes for new ones

Reason for new Naira notes: Emefiele, had explained that the decision to redesign the naira notes was made to ensure macroeconomic stability. He said the goal was to create a strong, stable, and resilient economy that is self-sufficient and capable of weathering unexpected shocks.