CBN Governor, Mr. Godwin Emefiele, had on October 26, 2022 announced the central bank's resolve to redesign, produce, and circulate new series of the N200, N500, and N1, 000 denominations.
Emefiele had insisted that the January 31 deadline remained sacrosanct, adding that the 100 days provided for people to deposit existing banknotes in commercial banks was adequate. But analysts told THISDAY in separate interviews that the new banknotes had not been easily accessible to Nigerians since they were introduced. They also said the central bank needed to increase awareness of the currency redesign, noting that many market women and rural dwellers are currently rejecting the new legal tender.
"It appears the banks have been hoarding the new naira notes for distribution to their high-net-worth customers most of whom are politicians, especially this festive period." "Having said that, I do not support the idea of extending it to June 30, 2023, as has been canvassed in some quarters. Doing so would defeat one of the aims of the currency redesign, which is to discourage vote-buying, in view of the fact that the general election would have been over by then."
Source: News Formal (newsformal.com)
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