The Central Bank of Nigeria (CBN), on Wednesday, announced that it redesigned some new naira notes.
Speaking on the development, Godwin Emefiele, CBN governor, said the circulation of the new designs begin from December 15, 2022.
According to Emefiele, the new notes include N200, N500, and N1000.
The CBN governor said the decision was due to persisting concerns with the management of the current series of banknotes, and currency in circulation — particularly those outside the banking system in Nigeria.
He said in recent times, currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country.
According to Emefiele, these challenges primarily include: significant hoarding of banknotes by members of the public; worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability; and increasing ease and risk of counterfeiting evidenced by several security reports.
He added that recent development in photographic technology and advancements in printing devices have made counterfeiting relatively easier.
