- President Muhammadu Buhari has finally unveiled the new N200, N500, and N1000 notes in Abuja
- The new Naira notes were presented precisely 28 days after the governor of the Central Bank of Nigeria announced the decision
- The apex bank has also decided to change the date on which the Naira notes will enter circulation and become the new legal tender
Finally, after 28 days, President Muhammadu Buhari officially unveiled the new N200, N500 and N1000 notes.
The Central Bank of Nigeria had, in October 2022, announced the decision to produce new notes to help fight inflation.
Details of the new Naira notes
The N1000 note
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The 1000 Naira banknote is the highest-value paper money note in Nigeria. On the obverse side of the N1000 bill are the portraits of Mallam Alijy Mai-Bornu and Dr Clement Nyong Isong.
Both men were governors: the former of the Central Bank of Nigeria and the latter of Cross River state, South Nigeria.
The 500 Naira Nigerian note was introduced in April 2001, and it was the highest currency in the country when it was introduced.
The obverse of the note features a portrait of Nnamdi Azikiwe. The reverse features an off-shore oil rig.
No changes were made also to the image on the N200 notes, which features Ahmadu Ibrahim Bello, Sardauna of Sokoto, Northern Nigeria's Premier.
It is expected that printing of the new Naira notes will cost billions.
Buhari praises CBN
In its address, President Muhammadu Buhari showered praises on the Central Bank of Nigeria (CBN) governor for the initiative to redesign Nigerian currency.
Buhari also expressed delight that the redesigned currencies were locally produced by the Nigerian Security Printing and Minting (NSPM) Plc.
Nigerian banks announce new working days, closing time
Meanwhile, Nigerian banks have announced changes to their operating hours in order to assist people holding soon-to-expire Naira currencies
The banks have already announced that they have delivered notifications of their working hours via their social media channels and customers' emails
Details of the contents of their emails and changes were captured by Legit.ng.