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CBN sets a countdown on its website for Naira revamp

CBN sets countdown clock on its website for Naira redesign

The Central Bank of Nigeria has launched a countdown on its website to the deadline for submission of three Naira notes which would be redesigned.

CBN Governor Godwin Emefiele, who previously revealed that the new banknotes to be redesigned are N200, N500 and N1000, also revealed that the decision was made due to continuing concerns over the management of the current series of banknotes and of currencies in circulation, especially those outside the banking system.

He had also said that statistics show that more than 80% of the currency in circulation is outside the vaults of commercial banks.

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