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CBN adjusts redesign timeline as Buhari unveils new Naira notes November 23 –Emefiele

Mr. Godwin Emefiele, Governor of CBN

*Godwin Emefiele, Governor of the Central Bank of Nigeria, also discloses the Bankers Bank’s Monetary Policy Committee has increased monetary policy rate from 15.5 percent to 16.5 percent but all other parameters remain same

Gbenga Kayode | ConsumerConnect

Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), Tuesday, November 22, stated that President Muhammadu Buhari would unveil the much anticipated redesigned N200, N500 and N1,000 banknotes Wednesday, November 23, 2022, in Abuja, FCT.

ConsumerConnect reports Mr. Emefiele disclosed this development at the Bankers Bank’s Monetary Policy Committee (MPC) monthly meeting Tuesday in Abuja, said that the CBN would shift the Bank’s previous ultimatum for all old Naira notes to be returned to the Deposit Money Banks (DMBs) in exchange for newly designed ones effective December 15 this year.

Existing Naira denominations 

The CBN Chief also stated the Bank’s MPC has increased monetary policy rate to 16.5 percent from 15.5 percent while all other parameters remained unchanged.

Earlier, Emefiele October 26, 2022, had announced the CBN would redesign, produce and issue into circulation new N200, N500 and N1,000 banknotes, effective December 15.

According to him, the new and existing currencies will remain a legal tender and circulate together in the West African country till January 31, 2023.

The CBN Governor, however, noted that the Bank Tuesday adjusted the timeline for the release of the new banknotes.

Emefiele declared that the CBN would no longer wait till December 15, as President Buhari will unveil the new Naira notes Wednesday.

“100 days is enough for any person from any part of Nigeria to deposit his money in the bank and get his money when the new notes are released.

“For information, indeed, we are no longer waiting till December 15th to unveil and begin to release the new notes,” he stated.

He added: “By the special grace of God, tomorrow (Wednesday), which is the 23rd of November, 2022, the President has graciously accepted to unveil the new currencies. “The new currencies will be unveiled tomorrow at the Federal Executive Council (FEC) Chamber by 10a.m.”

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