• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Wednesday, June 25, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

CBN redesigns naira, begins circulation Dec. 15

Naira

The Matters Press by The Matters Press
October 26, 2022
Reading Time: 2 mins read
0
Jaiz Bank expands with new branches

Naira

As means of checking serial abuse of the Naira, the Central Bank of Nigeria (CBN) has concluded plans to redesign certain denominations of the currency.

RELATED POSTS

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

Mr Godwin Emefiele, the CBN Governor, who made this known during a press conference in Abuja on Wednesday, said the apex bank had obtained the approval of President Muhammadu Buhari to redesign N200, N500 and N1,000 notes.

According to Emefiele, the process is a discharge of the apex bank’s key function of currency management.

“Currency management is the key function of the CBN as enshrined in the CBN Act. The integrity of a local legal tender, efficiency of its supply and its efficiency are some of the functions of a great central bank.

“In recent times, currency management has faced several challenges that have continued to escalate in scale and sophistication, with unintended consequences for both the CBN and the country.

“On the basis of these, and in line with the provision of CBN Act, the management of the CBN has sought and obtained the approval of President Muhammadu Buhari to redesign, produce, release and circulate new series of banknotes at N200, N500 and N1,000.

“In line with the approval, we have finalised arrangements for the new currency to begin circulation on Dec. 15,” he said.

Emefiele said the new currencies and the existing ones would remain legal tender and circulate together until Jan. 21, 2023.

He urged Deposit Money Banks currently holding existing denominations to begin returning them back to the CBN immediately.

“The newly designed currencies will be released on the basis of ‘first come, first serve.’

“Customers of banks are enjoined to begin payment into their bank accounts to enable them withdraw the new banknotes once circulation begins,” he said.

He added that for the purpose of the exercise, bank charges for cash deposit are suspended with immediate effect.

Tags: Naira
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
News

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

June 25, 2025
79 candidates for presidential election
News

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

June 23, 2025
Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 2025
ECOWAS, Sahel states in deal to  confront terrorism
Foreign

ECOWAS, Sahel states in deal to confront terrorism

June 20, 2025
Tinubu denies manipulating NASS
Economy/Technology

Tinubu’s decision to press ahead with ongoing reforms, commendable-TMSG

June 20, 2025
Next Post
SMEDAN to disburse N5.2m start-up grants to cooperatives

SMEDAN proposes establishment of D-8 centre on SMEs

Dangote Cement commences Tranche II share buyback

Court stops Kogi from shutting down Dangote Cement, others

Recommended Stories

Nigeria gets AfDB’s $14m as member of ATI

AfDB, Enugu state in partnership to drive investment, infrastructure

January 27, 2024
EU approves 820m Euro for Nigeria’s digital economy

EU approves 820m Euro for Nigeria’s digital economy

February 15, 2022
Trading in Nigerian stock market dips further N83bn

Stock market down by N76bn

April 4, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
  • Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
  • Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us