CBN to Redesign the N200, N500, and N1,000 Notes.

The Central Bank of Nigeria CBN has disclosed that it would redesign the N200, N500, and N1,000 notes in order to take control of the currency in circulation and help address some of the nation’s security threats, especially kidnapping and terrorism.

Governor of CBN, Godwin Emefiele, who announced this today during a special press briefing in Abuja said the new design and issues would be effective from December 15, 2022, adding that they have secured the approval of President Muhammadu Buhari to roll out new notes to replace the existing currency in circulation.

Emefiele said once the new notes are designed Nigerians are expected to take old notes to banks for the new notes.

He also expressed his concern about how Nigerian currency is being stored currently, lamenting that the bulk of the nation’s currency notes is outside bank vaults and they would not allow the situation to continue.