The central Bank of Nigeria has announce that they will redesign all the major naira notes for the country.
The major naira notes that CBN speak about to redesign is ₦100, ₦200, ₦500,and ₦1000.
The CBN Governor Godwin Emefiele knows the reason why they want to change the old notes because it was requested from federal government.
Because the last time the bank change naira was in 2014.
Because that year they only change the design of ₦100, for celebration of Nigeria centenary.
But now President Muhammadu Buhari have approve the redesign, production, and circulation of the new series of banknotes.
What will happen to the old naira notes when CBN launch the new designs?
But according to the governor of CBN, has finalise the arrangements lf the new currency to begin circulation from 15 December, 2022.
Emefiele said the new and the old currencies will still valid and they will circulation together until January 31, 2023.
But after that date you will no longer able to use the old money again.
So therefore, all commercial banks that currently have this denominations of currency can start returning the notes back to CBN with immediate effect.
” Because we are releasing the new design of the currency to bank based on first come-first- serve basis,” he said .
“He advise bank customers to begin pay the old currency into their bank accounts.
So that it enable them withdraw the new banknotes once the money circulation from December 2022.
Because all banks is expected to keep their currency in processing centers open from Monday to Saturday.
So that this can accommodate all the cash that customers will return.”
But based on the transition from old notes to new ones CBN have suspend bank charges for cash deposits.
But they said deposits that is above ₦150,000 will still attract charges.
These is some of the History of Nigeria currency
- In 1880: Nigeria first major currency was Shillings and Pence. But the units of coins that the England Bank was managing once is call one shilling, one penny, 1/2 penny, 1/10 penny and it was private bank that distribute it, the Bank in British West Africa until 1912.
- In 1912 -1959: West African Currency Board (WACB) issue their first set of banknotes and coins to Nigeria, Ghana, Sierra Leone and Gambia. But the highest banknote denomination at that time was one pound, while one shilling coin was the highest coin denomination.
- In 1959: Central Bank of Nigeria (CBN) issue Nigerian currency banknotes, and we will itwithdraw from the WACB- banknotes and coins
- In 1962: But it was this year the change reflect the country republican status. The banknotes that carry the write up, ’FEDERATION OF NIGERIA‘, change to ‘FEDERAL REPUBLIC OF NIGERIA’, on top of it.
- In 1968: But the notes change again sake of misuse of the currency during the civil war.
- In 1973: The name of Nigerian currency change. £1 the major unit of currency that we using cease to exist. One naira was equivalent to ten shillings, become the major unit, while the minor unit was call kobo; hundred of which make one naira.
- In 1977: They also introduce another new banknote, is call twenty naira (₦20). It was the highest denomination that was introduce at that time sake of economy growth and convenience. Because it was the first time they use photo of popular Nigeria citizen for the bank note.
- In 1979: They introduce another new currency banknotes of three denominations, ₦1, ₦5 and ₦10. In order to identify the money easily, and they use different colours for all the denominations. On the back of the notes the drawings reflect various cultural aspects of the country.
- In 1984: But they change all the colours of the bank notes for circulation except the 50 Kobo banknote to arrest the currency trafficking problem at that time.
- In 1991: 50K and ₦1 was change to coins
- In 1999: In response to the expansion in economic activities and to facilitate efficient payments system, they also introduce ₦100, ₦200, ₦500 and ₦1000 banknotes were introduced in December 1999, November 2000, April 2001 and October 2005 respectively.
- In 2007: As part of the economic reforms, they release ₦20 for the first time in polymer substrate. While they change the designs of ₦50, ₦10 and ₦5 banknotes; as well as ₦1 and 50K, and they introduce ₦2 coin.
- In 2009: They also redesign ₦50, ₦10 and ₦5 banknotes and convert it to polymer substrate sake of the successful performance of ₦20 (polymer) banknote. Now, all lower denomination banknotes was in polymer substrate.
- In 2010 and 2014: The CBN, issue new ₦50 and N100 to celebrate the nation 50th anniversary of Nigeria Independence and 100 years of its existence as a nation.