Recently, the CBN Governor, Godwin Emefiele announced the re-designing of Naira notes. On Tuesday, 22nd of November, Godwin Emefiele announced that the president will unveil the new designs of the 1,000, 500 and 200 naira notes on 23rd of November, 2022.

This has been the first time in 19 years naira notes have been redesigned and circulations begin on the 23rd November, 2022.

During the ceremony, the President, His Excellency Muhammadu Buhari underscored the importance of redesigning naira notes. He said the currency redesign will help the country address the issue of illicit financial flows, corruption, improve the nation’s economy as well as ensure an advancement in the value of Naira . The currency redesign will also boost the CBN’s monetary policy initiative.

The currency was printed locally by Nigeria printing and minting company. Godwin Emefiele has claimed that the newly designed notes can never be counterfeited and to forestall the occurrence, the note will be redesigned after every five to eight years. Godwin Emefiele also announced that the Apex bank is now more determined to make Nigeria a cashless economy.

The new naira note bears a resemblance to the old one but there is a distinct difference in color.