The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele just finished announcing right now live on national TV (NTA, AIT, TVC, Channels etc) that the current naira notes (N200, N500, N1000) in circulation will be moped up, phased out and become invalid by 31st January, 2023.

The new redesigned naira notes will come into circulation on the 15th of December 2022 (within 100 days from today).

Everybody holding naira will NEED to have them replaced between this time at the nearest banking point to them.

Details later

Mynd44, OAM4J, Seun

What's tha business?

If only the politicians haven't all converted their monies to dollars, this would have definitely had a tremendous impact on the economy.

How this will affect the economy is anyone's guess

What is for sure sha is that the current naira notes would not participate in next years elections

What's tha business?

DirtyGold:
If only the politicians haven't all converted their monies to dollars, this would have definitely had a tremendous impact on the economy.

How this will affect the economy is anyone's guess

What is for sure sha is that the current notes would participate in next years elections

What's tha business?

The real reason is to catch those wilth illicit funds outside the financial system. So much is going on in Nigeria and so fast paced that many folks will be shut out and cry for their folly.
From drug money to oil bunkering to ransom money to forex manipulators to corrupt politicians/civil servants to internet fraudsters etc.

This is the last leg to lure them into the mainstream finance system.

FreeStuffsNG:


The real reason is to catch those wilth illicit funds outside the financial system. So much is going on in Nigeria and so fast paced that many folks will be shut out and cry for their folly.
From drug money to oil bunkering to ransom money to forex manipulators to corrupt politicians/civil servants to internet fraudsters etc.

This is the last leg to lure them into the mainstream finance system.

Well said! I wonder how the cost of this move will be balanced out by the fees that will be generated from the current cashless policy of cash deposits above certain thresholds.

Whatever it is and however it plays out, something seriously needs to be done about the value of the naira.

What's tha business?