CBN reveals fresh reasons it redesigned naira notes

Stolen money from government coffers which are kept at home without banking them may have been the strong reasons, the Central Bank of Nigeria has redesigned naira notes.

Giving fresh reasons, the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has announced that new currency would be released to replace the existing denominations of 200, 500, and 1,000 currency in circulation.

According to Emefiele, the new design will be implemented beginning on Thursday, December 15, 2022.

He also stated that any notes currently in circulation would cease to be considered legal money as of the 31st of January, 2023.

However, on the 23rd of November, 2022, President Muhammadu Buhari with other stakeholders unveiled the new Naira Notes design in the state House Abuja.

The Central Bank of Nigeria (CBN) opted to redesign the Country’s Legal Tender for the following four reasons;

1. The introduction of the New Naira notes is part of an effort to regulate the total amount of currency in circulation.

2. A new design for the Naira note was introduced in order to combat the problem of people whose primary means of financial support come from the counterfeiting of currency.

People who have hidden money that they have stolen, for example, would either find a means to alter it by taking the money out or decide that they no longer need it given the shift in the value of the Naira.

3. It is believed that the modification to the notes will assist in bringing the rate of inflation down.

4. The introduction of the new currency is also intended to deliver a decisive blow to the expanding kidnapping and ransom industry.