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First Look of New 200, 500, 1000 Naira Notes after Buhari's Unveiling on Wednesday
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First Look of New 200, 500, 1000 Naira Notes after Buhari's Unveiling on Wednesday

by  Dave Ibemere 2 min read
  • President Muhammadu Buhari has finally unveiled the new N200, N500, and N1000 notes in Abuja
  • The new Naira notes were presented precisely 28 days after the governor of the Central Bank of Nigeria announced the decision
  • The apex bank has also decided to change the date on which the Naira notes will enter circulation and become the new legal tender

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Finally, after 28 days, President Muhammadu Buhari officially unveiled the new N200, N500 and N1000 notes.

The Central Bank of Nigeria had, in October 2022, announced the decision to produce new notes to help fight inflation.

At the launch of the new Naira notes, President Buhari praised CBN governor Godwin Emefiele for the Naira notes policy.

new naira notes, new N200, new N500, new N1000
Buhari has unveiled the new naira notes Cred: @presidency
Source: Facebook

Details of the new Naira notes

The N1000 note

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From Pound to Naira: How Nigeria's currency has transformed in 100 years

The 1000 Naira banknote is the highest-value paper money note in Nigeria. On the obverse side of the N1000 bill are the portraits of Mallam Alijy Mai-Bornu and Dr Clement Nyong Isong.

Both men were governors: the former of the Central Bank of Nigeria and the latter of Cross River state, South Nigeria.

N500 note

The 500 Naira Nigerian note was introduced in April 2001, and it was the highest currency in the country when it was introduced.

The obverse of the note features a portrait of Nnamdi Azikiwe. The reverse features an off-shore oil rig.

N200 note

No changes were made also to the image on the N200 notes, which features Ahmadu Ibrahim Bello, Sardauna of Sokoto, Northern Nigeria's Premier.

It is expected that printing of the new Naira notes will cost billions.

Buhari praises CBN

In its address, President Muhammadu Buhari showered praises on the Central Bank of Nigeria (CBN) governor for the initiative to redesign Nigerian currency.

Read also

Naira redesign: CBN receives N165 billion old notes, begins circulation of new ones

Buhari also expressed delight that the redesigned currencies were locally produced by the Nigerian Security Printing and Minting (NSPM) Plc.

Nigerian banks announce new working days, closing time

Meanwhile, Nigerian banks have announced changes to their operating hours in order to assist people holding soon-to-expire Naira currencies

The banks have already announced that they have delivered notifications of their working hours via their social media channels and customers' emails

Details of the contents of their emails and changes were captured by Legit.ng.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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