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President Buhari to Unveil Redesigned Naira Notes on Wednesday

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The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has revealed that President Muhammadu Buhari will on Wednesday, November 23, 2022, unveil the newly designed naira notes.

Emefiele made this known at the Monetary Policy Committee (MPC) of the apex bank on Tuesday.

The CBN boss also revealed that the apex bank has no plans to adjust the deadline for the return of old Naira notes to commercial banks.

Also announced at the MPC meeting was the CBN's plan to reduce the volume of N500 and N1000 notes in circulation.

“In the UK they have a denomination in 50 pounds but the most spent denomination is 20 pounds. Nobody spends 50 pounds. If you go around carrying 50 pounds in the UK they will suspect you," Emefiele said.

He noted that the apex bank believes "increasing the high denomination is also part of what is fueling inflation."

"So in fact, yes we will launch N200, N500, and N1000. Over time we will reduce the volume of N500 and N1000 in circulation. Let people carry N50 around,“ he added.


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