New Naira Notes: Countdown Clock Ticks On CBN’s Website

The Central Bank of Nigeria (CBN) has launched a countdown clock showing January 31, 2023, the deadline to change the issue new naira notes in place of old  ones in circulation.

Unless the apex bank changes its mind and adjusts its template and structure for the naira redesign project, only N200, N500, and N1,000 notes will be affected.

The countdown clock which is now visible on the home page of the CBN’s website, shows January 31, 2023, as termination date for the existing N200, N500, and N1,000 notes. The clock which ticks in seconds, shows 69 days left as at Tuesday, November 22, 2022.

CBN governor, Godwin Emefiele, had, in October, announced the intention of the bank to redesign the N200, N500 and N1,000 notes currently in circulation, and set December 15 as date for the beginning of circulation of the new currency notes.

The apex bank then said the old currency notes would stop being the legal tender on January 31, 2023.

The bank consequently urged Nigerians to deposit the affected denominations in the various banks where they have accounts, within the given period.

Emefiele had said statistics showed that over 80 per cent of the currency in circulation was outside the vaults of the commercial banks, noting that there was the hoarding of naira notes by members of the public.

 Prime Business Africa reports that the introduction of the naira redesign policy attracted mixed reactions from Nigerians. While some opposed the proposal, others hailed it.

The Nigerian Senate, last week,  considered a motion moved by the Chairman of the Senate Committee on Banking, Insurance, and other Financial Institutions, Uba Sani, and approved the naira redesign project with a resolution to provide legislative support for the policy. The Red Chamber, however, insisted on providing oversight for the policy.