Just In: CBN set to redesign N200, N500, N1000 notes

Trapped funds: CBN to release $120 million to foreign airlines by October 31

CBN Governor Godwin Emefiele made the announcement during a special press conference in Abuja. The new design and issues will be implemented beginning December 15, 2022.

According to the CBN chairman, the action was taken to seize control of the currency in circulation.

The apex bank, Emefiele stated, has secured the approval of President Muhammadu Buhari to roll out new notes to replace the existing currency in circulation.

Once the new notes are designed Nigerians are expected to take old notes to banks for the new notes.

The CBN Governor is also concerned about how Nigerian currency is being stored currently.



According to him, the bulk of the nation’s currency notes was outside bank vaults and the CBN would not allow the situation to continue.

“To be more specific, as of the end of September 2022, available data at the CBN indicates that N2.7 trillion out of the N3.3 trillion currency in circulation was outside the vault of commercial banks across the country and supposedly held by members of the public,” he said.

“Evidently, currency in circulation has more than doubled since 2015, rising from N1.46 trillion in December 2015 to N3.2 trillion as of September 2022. I must say that this is a worrisome trend that must not be continued to be allowed.”

According to him, the initiative by the CBN will help address some of the nation’s security threats, especially kidnapping and terrorism.

He believes that terrorists and kidnappers capitalise on the large excess of money to carry out their nefarious activities.



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