NewsCBN Says Currency Redesign is in the Interest of Nigerians

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The Central Bank of Nigeria (CBN) has urged Nigerians to support its plan of currency redesign as it is in the overall interest of every citizen.

There have been mixed reactions from Nigerians since the CBN governor, Godwin Emefiele, announced the introduction of new naira notes that will come into circulation on 15 December 2022, while existing notes will remain legal tender until January 2023.

While some Nigerians consider it a laudable project, others believe the apex bank should have been more concerned about taking measures to restore the value of the naira.

In a press release on Saturday, the CBN said the exercise was 12 years overdue, adding that it had tarried to redesign, produce, release and circulate new series of banknotes for too long.

Appealing to Nigerians to support the project, it said, “The CBN urges Nigerians to support the currency redesign project, which is in the overall interest of every citizen of the country. The hoarding of significant sums of banknotes outside commercial banks’ vaults should not be encouraged by anyone who means well for the country.”

By Ezinwanne Onwuka (Senior Reporter)

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