President Muhammadu Buhari has approved the redesign, fabrication, and distribution of new N200, N500, and N1,000 banknotes.Informaion Guide Nigeria
Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria, has announced that the issuing of new Naira banknotes will begin on December 15, 2022, 20 years after the last redesign exercise.

According to the CBN, new and existing currencies will remain legal tender and circulate alongside each other until January 31, 2023, when existing currencies would cease to be legal tender.

The CBN is concerned about the high rate of counterfeiting of N500 and N1,000 banknotes.
According to the CBN, the bank intends to seize around N3.32 trillion from outside bank vaults in order to seize control of Nigeria’s money supply.

“The integrity of a local legal tender, the efficiency of its supply, and the effectiveness with which it conducts monetary policy are some of the hallmarks of a great Central Bank,” – Emefiele
The CBN criticises public banknote hoarding, claiming that more than 80% of cash in circulation is outside commercial bank vaults.

The CBN instructs all Deposit Money Banks that currently possess existing denominations of cash to immediately begin returning these notes to the CBN.

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Newly designed currency will be distributed to banks on a first-come, first-served basis.
The CBN recommends bank customers to deposit existing currency into their accounts so that they can withdraw the new banknotes when they go into circulation in mid-December 2022.

The CBN suspends bank charges on cash deposits in order to migrate from old to new notes.
According to the CBN, the current notes are still legal tender and should not be rejected as a form of payment for goods and services.