The Economic and Financial Crimes Commission EFCC has applauded the move by the Central Bank of Nigeria CBN to redesign and reissue higher denominations of the Nigerian currency, the Naira.
The CBN Governor, Godwin Emefiele, announced that the apex bank had obtained the approval of the Federal Executive Council to redesign and issue new 200, 500 and 1000 naira notes.
According to Emefiele, the new notes will come into circulation by December 15th, 2022 while the old notes will no longer be accepted after January 31st, 2023.
The EFCC Chairman, Abdulrasheed Bawa hailed the move as “a well-considered and timely response” to the challenges of currency management in the country.
Bawa said in a statement issued by EFCC’s spokesperson Wilson Uwujaren, in Abuja, that the challenges of currency management has negatively impacted the country’s monetary policy and security imperatives.
Bawa called on operators in the Nigerian financial services sector, especially deposit money banks and bureau de change operators, to work within the guidelines provided by the CBN to ensure seamless withdrawal of the old currency.
