CBN Unveils New Banknotes Wednesday; Hikes Interest Rate

President Muhammadu Buhari will unveil the new naira notes on Wednesday, the Central Bank of Nigeria, CBN Governor Godwin Emefiele has said.

Emefiele had initially said the new N200, N500 and N1000 notes will come to effect on December 15, 2022.

The apex bank governor made the reverse on Tuesday after the monthly Monetary Policy Meeting, MPC meeting in Abuja, saying it’s no longer necessary to wait till next month to launch the newly designed banknotes.

Also during the last MPC meeting for the year, Emefiele announced the hike of the Monetary Policy Rates also known as interest rates by 100 basic points to 16.5 percent from 15.5 percent.

The apex bank boss further reiterated its decision to phase out the old naira notes by January 31, 2023, saying the deadline for all old notes to be deposited with commercial banks will not be moved forward.

On October 26, 2022 Emefiele announced that the CBN would issue the redesigned N200, N500, and N1,000 notes, effective December 15, 2022. However he has said the CBN will not wait till December 15 but will unveil on Wednesday, November 23, 2022. 

Emefiele said, “100 days is enough for any person from any part of Nigeria to deposit his money in the bank and get his money when the new notes are released.

“For information, indeed, we are no longer waiting till December 15th to unveil and begin to release the new notes.

“By the special grace of God, tomorrow, which is the 23rd of November 2022, the President has graciously accepted to unveil the new currencies and the new currencies will be unveiled tomorrow at the Federal Executive Chamber by 10am.”