Naira Redesign: CBN Sets Countdown Clock On Its Website
The Central Bank of Nigeria (CBN) has set a countdown clock on its website displaying the days the old naira would stop being a legal tender.
The apex bank had announced it’s plans to redesign, produce, release and circulate a new series of three banknotes out of the existing eight banknotes.
The redesigned notes would include N200, N500 and N1000.
The CBN had set December 15, 2022, as the official start day for the circulation of the new naira notes.
It made it known that the notes currently in circulation would remain legal tender alongside the new notes from December 15, 2022 to January 31, 2023.
The Central Bank had advised Nigerians to deposit the denominations to be redesigned to their various banks, saying that banks would be open for operations from Monday to Saturday weekly. It also said it had suspended bank charges on deposit for the period, adding that there was no limit to the amount that could be deposited at a time.
