President Muhammadu Buhari is expected to unveil the new designed naira notes Wednesday November 2022 in Abuja.
Central Bank of Nigeria governor Godwin Emefiele, confirmed this Tuesday during the CBN Monetary Policy Committee monthly meeting in Abuja.
The new notes in N200, N500, and N1,000 will be in circulation from December 15, 2022.
He said the deadline for returning the old Naira notes to commercial banks in exchange for newly designed ones would not be shifted.
Also the CBN in a bid to check inflation has raised its benchmark interest rate, known as Monetary Policy Rate (MPR), for the fourth time in 2022 by 100 basis points to 16.5 percent.
Nigeria’s inflation hit a 17-year high of 21.09 percent in October 2022, despite raising the benchmark rate in the last three meetings.
The CBN started to tighten monetary policy from 11.5 percent to 13.6 percent in May, and 14 percent in July. The bank pushed the rates further to 15.5 percent in the last meeting held in September.
