CBN launches countdown clock on its website over Naira redesign

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.

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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.