President Buhari To Unveil New Redesign Naira On Wednesday – Emefiele

On November 23, 2022, President Muhammadu Buhari will present newly designed N1,000, N500, and N200 notes, according to CBN Governor Godwin Emefiele’s statement on Tuesday.

Emefiele said this during the monthly meeting of the Monetary Policy Committee of the top bank in Abuja.

He asserts that the CBN would not extend the deadline for the exchange of all existing notes for newly printed ones at commercial banks.

The CBN MPC increased the monetary policy rate from 15.5% to 16.5% while maintaining all other conditions.

Emefiele has previously stated that the top bank will begin issuing newly designed N200, N500, and N1,000 notes on December 15, 2022.

The new and existing currencies will remain legal tender and circulate together until January 31, 2023.

However, he made a U-turn on Tuesday, saying the CBN won’t wait till December 15 anymore as the President will unveil the new notes on Wednesday.

The bank chief 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.”