- President Muhammadu Buhari unveiled the new naira notes on Wednesday, November 23, 2022
- The notes parade several new features, apart from coming very close to the ones in circulation.
- The N200, N500 and N1000 notes took similar looks to those already in circulation, making many believe there are no differences
President Muhammadu Buhari unveiled the three new currency notes today, November 23, 2022 in Abuja.
The unveiling took place during the Federal Executive Council meeting in the Federal Capital Territory, Abuja on Wednesday, November 23, 2022, in Abuja.
Differences between the old and new notes
Godwin Emefiele, the governor of the Central Bank of Nigeria, announced that Buhari would do unveiling and hinted at the possibility of the new notes beginning circulation sooner than scheduled.
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Emefiele said: “We are no longer waiting for December 15 to unveil the new note, the president has agreed to unveil the new currency on November 23, 2022.”
Per the picture circulating on social media and seen by Legit.ng, there are no remarkable differences between the new and old naira notes.
Apart from the notes retaining their original portraits of pictures of Nigerian elder politicians and Nigeria’s founders, the various denominations were close to the naira notes already in circulation.
Peach N200 note
The N200 came very close to the N100 note except for a slightly toned-down magenta colour, bringing it closer to the N100 note.
Lemon colour N500 Note
The N500 note took on the look of lemon colour, closely resembling the former N200 note.
Silver-looking N1000 note
The N1000 note resembles the N50 naira note, which many believe is no severe contrast between the new and old ones.
The new notes also retained the Arabic inscriptions against speculations that they would be taken off from the new ones.
Most of the notes also retained their various security features.
The Central Bank of Nigeria had set a date for the commencement of the new naira notes for December 15, 2022. Still, during the Monetary Policy Committee meeting of the apex, the CBN governor, Emefiele, stated that the bank would back date the launch of the new notes following the unveiling by Buhari.
New naira notes: Banks extend banking hours to 6 pm, Saturday banking, new notes to be unveiled earlier
Recall that Legit.ng reported that many Nigerian banks have started banking operations on Saturdays, following in the steps of Fidelity Bank, the only bank so complying with CBN directives.
Also, the banks have announced the extension of banking hours to 6 pm as against the usual time.
The development comes as the Central bank of Nigeria announced that President Muhammadu Buhari would unveil the new naira notes on Wednesday, November 23, 2022, in Abuja.