Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), announced that President Muhammadu Buhari will unveil the newly designed ₦1,000, ₦500, and ₦200 notes on Wednesday, November 23, 2022.
Emefiele stated this during the Monetary Policy Committee’s monthly meeting in Abuja.
According to him, the CBN will not extend the deadline for returning all old notes to commercial banks in exchange for newly designed ones.
The CBN MPC also increased monetary policy to 16.5% from 15.5% while leaving all other parameters unchanged.
On October 26, 2022, Emefiele stated that the apex bank will issue redesigned ₦200, ₦500, and ₦1,000 notes beginning December 15, 2022, with the new and existing currencies remaining legal tender and circulating together until January 31, 2023.
Buhari to unveil new naira notes
However, Emefiele reversed his position on Tuesday, stating that the CBN will no longer wait until December 15 because the President will unveil the new notes on Wednesday.
The bank chief said, “100 days is enough for any person from any part of Nigeria to deposit his money in the bank and get his money when the new notes are released.
“For information, indeed, we are no longer waiting till December 15th to unveil and begin to release the new notes.
“By the special grace of God, tomorrow, which is the 23rd of November 2022, the President has graciously accepted to unveil the new currencies and the new currencies will be unveiled tomorrow at the Federal Executive Chamber by 10am.”