The Central Bank of Nigeria (CBN) wants to fight against counterfeiting the naira, the national currency in full inflation. It will replace and terminate the legal tender status of 100, 200, 500 and 1,000 naira notes currently in circulation by the end of January 2023.

By December 15, 2022, the Nigerian Central Bank will put into circulation new Naira notes, the national currency, according to an announcement by CBN governor Godwin Emefiele (photo), during a conference Press conference in Abuja. The aim of this measure is to combat the hoarding of the naira by the Nigerian population.

The initiative aims to combat counterfeiting of the naira, the versions of which are currently in circulation in Nigeria 20 years ago. For Godwin Emefiele, “Indeed, the recent development of photographic technology and advances in printing devices have made counterfeiting relatively easier. In recent years, the CBN has recorded significantly higher counterfeiting rates, especially for the highest denominations of 500 and 1,000 naira.”