The Governor of the Central Bank of Nigeria, Godwin Emefiele, has confirmed that President Buhari will unveil the newly designed Naira notes tomorrow, Wednesday, November 23, 2022.
Emefiele made the announcement at the Central Bank’s Monetary Policy Committee’s monthly meeting in Abuja recently.
As you may know, the central bank announced in October that it would redesign the N200, N500, and N1,000 notes, while setting December 15, 2022, as the official start date for the circulation of the new naira notes.
The new policy affect the performance of the Naira at the forex market, causing it to fall to a low of N910/$1 on the black market as people rushed to exchange their naira for USD. However, the naira later recovered to trade at N680/$1.
The central bank leader has also stated that the deadline for returning old Naira notes to commercial banks in exchange for new ones would not be extended.
The Central Bank recently directed that commercial banks in the country remain open on Saturdays until January 31, 2023, in order to allow bank customers to exchange old naira notes for new ones.
The decision to redesign the naira notes, according to Emefiele, was made to ensure macroeconomic stability and President Buhari backed the decision.
He stated that the goal was to build a strong, stable, and resilient economy that is self-sufficient and resilient to unexpected shocks.