The Governor of the Central Bank of Nigeria, Godwin Emefiele, has announced that President Buhari will introduce new naira notes on November 23rd, 2022.
This is well ahead of the previously scheduled December 15th, 2022 deadline. The governor stated this during his press conference at the monetary policy communique on November 22nd, 2022.
Mr. Emefiele also stated that there will be no going back on the January 31st deadline, which will see all old currencies lose their legal tender status. Mr. Emefiele also stated that he is relying on the law to enforce this policy.
- He also thanked Buhari for his support over the last seven and a half years and singled out the president’s support for the new naira policy, which he has backed twice in comments to the media.
Highlights from Emefiele’s announcement
- We thank Mr President for the support we have received from him for over 7 and a half years.
- We thank security agencies for working with us to monitor the flows
- We thank the senate, who besides the pressure is, also given us support
- We will not shift any deadline. It is in tandem with the law
- We are no longer waiting till December 15th.
- By the 23rd of November President will unveil the new naira notes and the FEC chambers by 10 am tomorrow
The Central Bank of Nigeria announced in October that it would redesign the N200, N500, and N1,000 naira notes. The apex bank also established an official start date for circling the new naira notes.
The policy sent shockwaves through the forex market, causing the naira to fall to a low of N910/$1 on the black market as people rushed to exchange their naira for USD. Since then, the naira has recovered to trade at N680/$1.
The Central Bank of Nigeria’s governor, Godwin Emefiele, stated that the decision to redesign the naira notes was made to ensure macroeconomic stability. He stated that the goal was to build a self-sustaining economy that could withstand unforeseen downturns.
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