The newly redesigned Naira notes of N1,000, N500, N200, and N100 are getting printed in Nigeria. Under the government’s ‘Redesign the Naira notes policy’, this will be the first time the West African country will be printing its own notes domestically. Nigeria has been having its money minted in Malaysia or the UK.
According to sources, the new naira notes will go into circulation on the 15th of December, 2022 and the old notes would stop being legal tender by the 31st of January, 2023.
This move will also clamp down on money laundering, affecting those who kept large amounts of cash stashed in personal storage. Nigerians will have to exchange the old notes for the new ones before they become invalid, however there’s a limit to how much you can exchange, it is reported.
