The Central bank of Nigeria has announced it will release a new design of N200, N500 And N1,000 Notes in December 2022.
CBN will allow Nigerians to spend the existing notes of the affected denomination before it will ban them permanently and new notes will be fully recognized.
This is not the first time CBN would be withdrawing or introducing new design, in 1991 ½kobo, 5kobo were withdrawn while 1kobo, 10kobo, 25kobo, 50kobo, 1 Naira were withdrawn from circulation, new design of 10Naira, 20Naira and 50Naira were introduced in 2007.
Nigeria will no longer accept existing N200, N500, and N1000 denominations of the Naira from January 31,2023. Their replacements will come December this year with different designs of the N200, N500, and N1000 denominations.
It could be recalled that 200 Naira note was introduced on the 1st of November, 2000, 500 Naira note was introduced the following year precisely on 4th of April, 2001 while the highest denomination 1,000 was introduced seven years ago exactly 12th of October, 2005 but they all will be replaced by a new design.
