THE CABLE
Call it a full-circle movement or a 360-degree journey and you won’t be far off the mark. Such has been the story of the naira redesign policy of the Central Bank of Nigeria (CBN).
In October 2022, Godwin Emefiele, CBN governor, announced the apex bank’s plan to redesign and circulate a new series of three banknotes out of the existing eight.
The redesigned N200, N500 and N1000 notes were due for circulation on December 15, 2022. Emefiele said the pre-existing notes would remain legal tender until January 31, 2023.
The CBN governor explained that the decision was reached due to persisting concerns with the management of currency in circulation — particularly those outside the banking system.
Five months later, Nigerians have been directed to go back to using the old notes pari passu the new notes till December 31. Between October 2022 and March 2023, a lot happened.
Here is a timeline of the major events in the five-month period where the naira — Nigeria’s currency — was elusive to Nigerians.
ENTRY OF THE NEW NOTES
October 26: CBN announces the redesign of naira notes, with January 31, 2023 as the deadline for use of old notes.
October 28: Zainab Ahmed, minister of finance, budget and national planning, says the CBN did not consult the ministry on the policy.
October 30: President Muhammadu Buhari says CBN has his backing to redesign the naira notes.
November 10: Buhari says no going back on the redesign of naira notes.
November 17: CBN instructs commercial banks to work on Saturdays to enable customers to return old naira notes.
November 23: Buhari unveils redesigned naira notes.
December 8: Emefiele says banks received new notes on December 7.
December 15: Banks begin dispensing the redesigned naira notes to customers across the country.
December 20: CBN highlights security features of redesigned naira notes.
THE DRAMA CONTINUED IN 2023
January 7: CBN asks banks to stop over-the-counter withdrawal of redesigned naira notes.
January 20: CBN launches cash swap programme in all 774 LGAs.
January 24: Emefiele says no going back on January 31 deadline for old naira notes.
January 29: CBN extends the deadline for the swap of old naira notes to February 10, giving a 7-day extra grace period for direct deposit with CBN.
January 29: Emefiele says N1.9 trillion worth of naira notes recouped with N500 billion more to go.
January 31: Emefiele says CBN, not banks, will continue to collect old naira notes after the deadline.
READ THE FULL STORY IN THE CABLE
