New Naira Notes to go Into Circulation Before December 15

New Naira Notes to go Into Circulation Before December 15

  • The governor of the Central Bank of Nigeria, Godwin Emefiele, has said the new naira notes might go into circulation before the December 15 date
  • He stated that President Muhammadu Buhari would unveil the latest notes on Wednesday, November 23, 2022, in Abuja
  • Also, the CBN has said that about 36 million Nigerians are without financial services in the country

Emefiele stated this during the Monetary Policy Committee Meeting in Abuja.

The announcement comes as the Director of Information Technology at the CBN, Rakiyat Mohammed, said that 36 million Nigerians do not have access to banking services.

CBN, Emefiele, New naira notes
Central Bank of Nigeria governor, Godwin Emefiele Credit: NurPhoto/Contributor
Source: Getty Images

36 million Nigerians without banking services

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has announced that the President, Major General Muhammadu Buhari, will unveil the new naira notes during the weekly Federal Executive Council at the Presidential Villa on Wednesday.

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She said on Tuesday during the Zenith Bank Tech Fair held in Lagos.

She stated that the CBN was the first Central Bank in Africa to launch a CBDC.

The Punch report said the CBDC came as a result of the urgent need for the CBN to provide financial inclusion to the millions of Nigeria who are currently without financial services.

Citing a report by ACI, states that Nigeria has the 6th most advanced retail payment system in the world.

Buhari set to unveil new Naira notes on Wednesday in Abuja reported that many Nigerians will get a sneak peek of newly redesigned naira notes on Wednesday, November 23, 2022, when President Muhammadu Buhari unveils them.

According to a Premium Times report, the President will unveil the new notes during the Federal Executive Council meeting in Abuja. The Central Bank of Nigeria announced on October 26, 2022, that it would redesign N200, N500 and N1,000 notes and gave December 15, 2022, as the date to begin circulating the new naira notes.

The apex bank stated that it would redesign the notes to control the amount of currency in circulation and enable it to manage inflation and counterfeiting. The bank said Nigerians in the rural areas would be catered for as it has made plans for easy exchange, stating that it is working with relevant agencies to no one is left behind.


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