On October 26, 2022, Godwin Emefiele, the governor of the Central Bank of Nigeria, stated that new Naira notes would be launched in place of the existing 200, 500, and 1,000 Naira notes.
Emefiele stated that the revamp would go into effect on December 15, 2022, a Thursday.
Additionally, he stated that as of January 31, 2023, existing notes would cease to be regarded as legal tender.
However, the CBN changed the naira notes for the following four reasons:
1. To address the issue of people who have made currency fraud their primary source of income, the Naira note was revamped. For example, if someone had stolen money hidden, they would either find a means to convert it by bringing it out or decide not to use it given the Naira’s fluctuating value. 2. The currency switch attempts to kill off the burgeoning kidnapping and ransom business.
3. It is also claimed that the alteration to the notes will help to slow the rate of inflation.
4. Controlling the amount of money in circulation is another goal of the modification to the Naira notes.