The Central Bank of Nigeria (CBN) has announced it will start a mop up of the country’s current Naira notes, giving Nigerians about 47 days to exchange the old notes for the new ones in an effort to curb inflation and take control of the nation’s money supply.
By January, the CBN plans to redesign the 200, 500, and 1000 naira notes and retire the current ones.
According to CBN governor Godwin Emefiele, the current Naira notes will cease to be legal tender on January 31, 2023, and the redesigned N200, N500, and N1000 notes are anticipated to go into circulation on December 15, 2022.
However, Emefiele pointed out that people who have cash on hand can start free bank account deposits on Thursday, October 27, 2022, 100 days before the new Naira notes are distributed, giving them time to exchange their current notes for the new ones.
The CBN, which has been fighting inflation, stated that with more than N2.73 trillion out on the streets from the N3.23 trillion outside the CBN vaults, it intends to seize control of the money supply by collecting all cash from the economy, both within bank vaults and in the hands of citizens.