Home Economy 200, 500, 1000 notes to be re designed by CBN to...

200, 500, 1000 notes to be re designed by CBN to take control of currency in circulation.

redesign naira
redesign naira

The central bank of Nigeria has made a move to change the looks of Naira as they disclosed that apex bank would redesign the country’s currency.

 redesign naira
redesign naira

This information was disclosed by Godwin Emefiele  who is the

Governor of central back disclosed this at a press briefing in

ABUJA  this afternoon, stating that  the exercise would affect the

the highest denominations: 200, 500, 1000 notes.

Emefiele speaking on thr need forthis change stated that  it is in

order to take control of the currency in circulation.

According to CBN governor, the bulk of the nation’s currency

notes were outside bank vaults and that the CBN would not allow

the situation to continue.

Godwin  Emefiele  disclosed  that  the new  naira notes will be released for public use on December 15, 2022.

He also said that the old notes and the new notes would

simultaneously  circulate until   due dat of January 31, 2023 when

the old notes would cease to be legal tender.


The central bank of Nigeria (CBN) and asset Management

company of Nigeria (Amcon)

has officially announced the completion on share Purchase Agreement (SPA) acquisition

all equity in Polaris Bank by Strategic Capital Investment Limited (‘SCIL’).

This deal got the approval of the federal House of Representatives. The House of

Representatives on Wednesday October 19,2022 sanctioned the sale of Polaris Bank and

affirmed that the acquisition followed laid down procedures and got the relevant

presidential approval.

In a statement released by the the director, corporate administration department of the

central bank of Nigeria on behalf of CBN and AMCON states that SCIL has completed and

upfront payment of 50 million In order to acquire 100% of Polaris bank and also agreeing

to the terms and condition include the full repayment of the sum of N1.305 trillion, being

the consideration bonds injected.

According to the statement, “the CBN thus received an immediate return for the value it

has created in Polaris Bank during the stabilization period, as well as ensuring that all

funds originally provided to support the intervention are recovered.


“The sale was coordinated by a Divestment Committee (the ‘Committee’) comprising

representatives of the CBN and AMCON, and advised by legal and financial consultants.

The Committee conducted a sale process by ‘private treaty’, as provided in Section 34(5)

of the AMCON Act to avoid negative speculations, retain value and preserve financial system stability.

“In the process, parties who had formally expressed an interest in acquiring Polaris Bank,

subsequent to the CBN intervention in 2018, were invited to submit financial and technical

proposals. Invitations to submit proposals were sent to 25 pre-qualified interested parties,

out of which three (3) parties eventually submitted final purchase proposals following

technical evaluation.

“All submissions were subject to a rigorous transaction process from which SCIL emerged


as the preferred bidder having presented the most comprehensive technical/financial

purchase proposal as well as the highest rated growth plans for Polaris Bank,” the

statement added.