President Muhammadu Buhari, alongside the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, is set to unveil the newly designed N200, N500, and N1000 naira notes at the Federal Executive Council (FEC) meeting on Wednesday November 23, 2022.
Recall that the CBN announced the implementation of the N200, N500, and N1000 naira notes on October 26, 2022 while the unveiling and official release of the new naira notes was initially slated for December 15.
Responding to the question raised as to whether the deadline of the old currency from the country will be shifted, Emefiele said, ” We will not shift the deadline. What we have done is not against the law. It is in standing with the law.”
According to the CBN governor, upon the release of the redesigned notes, both the old and new currency will be recognized and accepted in the country until January 31, 2022 when the old N200, N500, and N1000 notes will be swept off as a legal tender.
Meanwhile, he urged all Nigerians to deposit the old notes in the bank and be prepared to withdraw the notes upon their release.
Details later…
