BUSINESSNATION

CBN to redesign N200, N500, N1,000 notes

The Central Bank of Nigeria says it is redesigning the N200, N500, and N1,000 denominations. The proposed new notes would be launched in December, the bank said.

Godwin Emefiele, the governor of the bank, revealed the proposed policy at a special briefing on Wednesday.

According to him, the present notes would still be acceptable as legal tender for the purchase of goods and services until their replacements are launched. He also said that charges on money deposit would be suspended while the transition lasts. Emefiele affirms his belief that the new notes would affect inflation positively.

“The CBN would continue to monitor both the financial system in particular, and the economy in general, and always act in good faith for the achievement of the Bank’s objectives and the betterment of the country”, he said.

Equally, he said that the ‘redesigned currency would help the CBN’s drive to deepen cash-less policy and complement increased minting of eNaira,

The interest of rural bankers, he said, would be protected in the transition from existing to new currencies.

 

 

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