By Ada Osadebe
The Governor of the Central Bank of Nigeria, Godwin Emefiele, on October 26, 2022, announced that new Naira notes would be introduced to replace the current 200, 500, and 1,000 Naira notes.
Emefiele said the redesign will take effect from Thursday, December 15, 2022.
He also said that existing notes would seize to be regarded as legal tender by January 31, 2023.
Here are, however, four reasons the CBN decided to redesign the naira notes:
1. The Naira note was redesigned to address the issue of individuals who have made currency fraud their main source of income. People who have hidden money they have stolen, for instance, would either find a way to change it by taking the money out or would not need it given the change in the value of the Naira.
Read Also: ‘What kind of colour is this?’: Reactions trail newly redesigned naira notes
2. The currency change also aims to deal a fatal blow to the growing kidnapping and ransom industry.
3. The change in the notes is also said to aid in lowering the rate of inflation.
4. The change in the Naira notes is also intended to control the amount of money in circulation.
Subscribe for latest Videos
You may be interested
Top Four: Spurs Condemned To Win Remaining EPL Matches –Sarr
Webby - May 2, 2024Tottenham midfielder Pape Matar Sarr has insisted that the team is condemned to pick the maximum points against Chelsea if…
Europa League: Roma Boss Picks Boniface, Tella Among Leverkusen’s Dangerous Players
Webby - May 1, 2024AS Roma manager Daniel De Rossi Is wary of the threat posed by Bayer Leverkusen duo, Victor Boniface and Nathan…
UCL: Bayern Munich, Real Madrid Battle To Thrilling Draw
Webby - April 30, 2024Bayern Munich and Real Madrid battled to a 2-2 draw in an entertaining Champions League semifinal, first leg on Tuesday.Thomas…