Naira redesign: CBN announced replacement of naira notes. as Naira in another record fall.

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https://drive.google.com/uc?export=view&id=1QmkJhqAgKhTEjsZn1rIna-UV1qhka28_
 
By Tiamiyu Adijat Olajumoke 

The plan is to redesign N100, N200, N500, and N1000 and start disbursing by December , then by January 31,2023, the old notes are expected to be out.   

The CBN governor, Godwin Emefiele, while announcing the new policy, said over 85% of Naira notes are outside the vaults of the commercial banks.   “To be more specific, as at the end of September 2022, available data at the CBN indicate that N2.73 trillion out of the N3.23 trillion currency in circulation, was outside the vaults of Commercial Banks across the country; and supposedly held by the public,” he said. 

Naira keeps depreciating significantly against the U.S dollar at both the official and unofficial markets on Friday. This is less than 48 hours after the Central Bank of Nigeria announced replacement of naira notes.

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