The new N200, N500, and N1000 notes were introduced by President Muhammadu Buhari on Wednesday at the Council Chamber of the Presidential Villa in Abuja.
The Federal Executive Council (FEC) meeting, which was held virtually with a number of cabinet members present, was preceded by the release of the new naira notes.
The Central Bank of Nigeria moved up the debut of the new, redesigned notes from its original date of December 15 to this Wednesday (CBN).
Those in possession of the old notes were advised to quickly deposit them at the closest bank branch by CBN Governor Godwin Emefiele, who made the announcement of the new date on Tuesday during a media conference to celebrate the conclusion of the 288th Monetary Policy Committee meeting and the last in 2022.
He said that doing this would allow them to get rid of the old notes before the deadline of January 31, 2023.
