The Central Bank of Nigeria revealed its intentions to revamp the N100, N200, N500, and N1000 in order to address inflation, assume charge of the available cash, and combat counterfeiting. It added that the action would benefit the bank in its efforts to combat security and financial fraud.
According to the bank’s governor, Godwin Emefiele, the idea would enable the bank to seize N2.73 trillion of the N3.23 trillion in circulating cash that is not kept in the bank’s vaults.
The bank has urged Nigerians to exchange their outdated notes for the new ones that will go into circulation on December 15. The old will no longer be considered legal tender after January 31 if they don’t act by then.
The scheme contemplates a short exchange period. According to analysts, the action may put more pressure on the naira as holders of illicit funds rush to convert their cash for dollars, further driving up the exchange rate.
The president said, “People with illicit money buried under the soil will have a challenge with this, but workers and businesses with legitimate incomes will face no difficulties at all.”
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