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Economy NAIRA RATE NEWS

CBN To Release New Redenominated / Redesigned Naira Notes

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The Central Bank of Nigeria is set to release new naira of the N200, N500 and N1000 notes in a bid to control money supply.

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Godwin Emefiele, Governor, CBN revealed this on Wednesday during a press briefing where he said the new Naira notes will be in circulation from December 15th after president Muhammadu Buhari launches the new notes.

He added effective January 31, 2023, the old notes will cease to be a legal tender.

Henceforth, bank charges on deposits will be suspended as old naira notes are remitted back to the banks.

…details later

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