The Central Bank of Nigeria (CBN) has set a countdown clock
on its website showing the deadline for three banknotes in circulation.
The apex bank had announced plans to redesign, produce,
release and circulate a new series of three banknotes out of the existing eight
banknotes.
The redesigned notes would include N200, N500 and N1000.
On the new notes, Godwin Emefiele, CBN governor, had
explained that the decision was due to persisting concerns with the management
of the current series of banknotes and currency in circulation — particularly
those outside the banking system.
According to Emefiele, one of these challenges primarily
include significant hoarding of banknotes by members of the public, with
statistics showing that over 80 percent of the currency in circulation is
outside the vaults of commercial banks.
Despite the decision, some experts believe it would
negatively affect the economy.
Last week, CBN instructed commercial banks to work Saturdays
to enable customers to return existing naira notes.
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