The Governor of the Central Bank of Nigeria Godwin Emefiele has announced today the redesign of the the 200, 500 1000 naira notes denominations and will be in circulation by December 15th.
He proposes that this change might likely bring positive impact on the value of Naira .
Nigerians have kicked against and condemned this proposal as they ask questions on how it will bring back the value of naira.
Emefiele further disclosed that the reason for this redesign is the significant hoarding of bank notes by members of the public , worsening shortage clean and fit bank notes including cases and risk of counterfeit. Statistics shows that more than 85% of currency in circulation was outside the vaults of the commercial banks across the country.
Nigerians has since hammered that this new development is a case of misplaced priorities by CBN.
As at the end of September, #2.7 trillion out of 3.23 trillion currencies in circulation was outside the vaults . Evidently, currency in circulation has more than doubled since 2015 , rising from 1.46 trillion as at Dec 2015 to 3.23 trillion as at sept 2022
The Cbn remains absolutely determined to achieve the objective of its mandate as enshrined in cbn act as they move to curb all these abnormal naira practices.
