The Central Bank of Nigeria (CBN) has announced its plan to redesign some naira notes. The CBN Governor, Godwin Emefiele, who disclosed this while addressing journalists on Wednesday, said the new design and issues will be effective from December 2022. He advised Nigerians to take old notes to banks for the new notes. According to Emefiele, the new notes include N200, N500 and N1000. The CBN under Emefiele had been lately accused of corruption, policy somersault and failure to address the most fundamental fiscal challenges of the country.
According to Emefiele, the new notes include N200, N500 and N1000.The CBN Governor, Godwin Emefiele, who disclosed this while addressing journalists on Wednesday, said the new design and issues will be effective from December 2022.According to Emefiele, the new notes include N200, N500 and N1000.
SaharaReporters had in September 2022 reported that following the simultaneous increase in interest rates, the World Bank Group warned the CBN and other central banks around the world of the possibility of a worldwide economic recession. The apex bank in Nigeria earlier unexpectedly raised its monetary policy rate by 150 bps to 13 percent at its May 2022 meeting, against market expectations of 11.5 percent, bringing borrowing costs to the highest since April 2020.
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