• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Currencies

What the law says about CBN’s power to redesign and release new notes

What the law says about CBN's power redesign, produce, release and circulate new series of banknotes

Nairametrics by Nairametrics
October 29, 2022
in Currencies, Markets
25 basis points rate hike likely as CBN's MPC concludes meeting

CBN Governor, Godwin Emefiele

Share on FacebookShare on TwitterShare on Linkedin

The central bank governor Godwin Emefiele announced on Wednesday, October 26th that the apex bank had obtained approval from the president to change the N200, N500, and N1000 notes.

According to him, in line with provisions of Sections 2(b), section 18(a), and section 19, Subsections a and b of the CBN Act 2007, the Management of the CBN has sought and obtained the approval of President Muhammadu Buhari to redesign, produce, release and circulate new series of banknotes at N200, N500, and N1,000 levels.

However, Nigeria’s minister of finance revealed in a budget defense session that she was not consulted before the new central bank’s policy to change the N200, N500 and N1,000 notes was announced. The statement The central bank governor responded that he does not need the consent of anyone except that of the president to implement the policy.

RelatedStories

‘My Mother Is A Witch’ crosses N100 million at Nigerian box office 

‘My Mother Is A Witch’ crosses N100 million at Nigerian box office 

July 15, 2025
Payaza’s triple credit rating: A milestone for Nigerian fintech leadership 

Payaza’s triple credit rating: A milestone for Nigerian fintech leadership 

July 15, 2025

It appears Mr. Emefiele’s comment is consistent with the provisions of the CBN Act which he also cited in the press release he issued.

Excerpts of Sections 18, 19, and 20 of the act

Section 18.

The Bank shall-
(a) arrange for the printing of currency notes and the minting of coins;

(b) issue, re-issue and exchange currency notes and coins at the Bank’s offices and at such agencies as it may, film time to time, establish or appoint;

(c) arrange for the safe custody of un-issued stocks of currency notes and for the preparation, safe custody and destruction of plates and paper for the printing of currency notes and disc for the minting of coins; and

(d) arrange for the destruction of currency notes and coins withdrawn from circulation under the provisions of section 20 (3) of this Act or otherwise found by the Bank to be unfit for use.

Section 19

(1) The Currency notes and coins issued by the Bank shall be-

(a) in such denominations of the Naira or fractions thereof as shall be approved by the President on the recommendation of the Board; and

(b) of such forms and designs and bear such devices as shall be approved by the President on the recommendation of the Board.

(2) The standard weights and composition of coins issued by the Bank amount of remedy and variation shall be determined by the President on the recommendation of the Board.

Section 20

(1) The currency notes issued by the Bank shall be legal tender in Nige at their face value for the payment of any amount.

(2) The coins issued by the Bank shall, if such coins have not been tampered with, be legal tender in Nigeria at their face value up to such amount or amounts may be determined, from time to time, by the Bank.

(3) Notwithstanding Sub-sections (1) and (2) of this section, the Bank shall have power, if directed to do so by the President and after giving reasonable notice in that behalf, to call in any of its notes or coins on payment of the face value there and any note or coin with respect to which a notice has been given under this Subsection, shall, on the expiration of the notice, cease to be legal tender, but, subject to section 22 of this Act, shall be redeemed by the Bank upon demand.

 


Follow us for Breaking News and Market Intelligence.
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

Related Posts

‘My Mother Is A Witch’ crosses N100 million at Nigerian box office 
Business News

‘My Mother Is A Witch’ crosses N100 million at Nigerian box office 

July 15, 2025
Payaza’s triple credit rating: A milestone for Nigerian fintech leadership 
Companies

Payaza’s triple credit rating: A milestone for Nigerian fintech leadership 

July 15, 2025
CWG’s Texcellence Prelude champions bold leadership for Africa’s Tech Future 
Companies

CWG’s Texcellence Prelude champions bold leadership for Africa’s Tech Future 

July 15, 2025
WHO , EG.5 coronavirus variant, US, China
Health

WHO backs global use of twice-yearly Lenacapavir Injection for HIV prevention

July 15, 2025
SEC warns Nigerians against investing in Risevest and Stecs  
Cryptos

Crypto regulations in Nigeria; these businesses may not survive 

July 15, 2025
PIA 2021 attracts $16 billion in investments, boosts oil production — Reps Deputy Speaker 
Economy

PIA 2021 attracts $16 billion in investments, boosts oil production — Reps Deputy Speaker 

July 15, 2025
Next Post
NGX closes positive as investors gain N180 billion

Weekly Stock Update: Nigerian Exchange declines by 1.09% w-o-w

Comments 4

  1. Abdullahi Musa says:
    October 29, 2022 at 3:24 pm

    Is Minister of finance a member of the Board of CBN?
    If yes, then Emefiele has even by-passed his own Board.
    If she is not a member, then which kind of national planning is she saddled with where there is no line of communication between her and CBN?

    Reply
    • Momodu Salami Samuel says:
      October 30, 2022 at 8:49 am

      if the minister of finanace is not aware that means there is a lapse in communication between both the CBN and ministry of finance, I think there is always a representative from the CBN so as to the ministry of finance or rather a board member that has to be present when deciding about changing policy.

      Reply
    • 9jaRealist says:
      October 31, 2022 at 10:34 am

      The Permanent Secretary of the Ministry of Finance is a statutory board member of the CBN, but the CBN is completely autonomous of the Ministry and has no duty to consult the Minister or Ministry.

      Reply
  2. afrolux says:
    October 29, 2022 at 6:05 pm

    There is a permanent Secretary from the ministry of finance as one of the Board member and I want to believe that he/she should have reported to the Minister of Finance.
    CBN being autonomous does not report to the Minister of Finance.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • ‘My Mother Is A Witch’ crosses N100 million at Nigerian box office 
  • Payaza’s triple credit rating: A milestone for Nigerian fintech leadership 
  • CWG’s Texcellence Prelude champions bold leadership for Africa’s Tech Future 

Follow us on social media:

Recent News

‘My Mother Is A Witch’ crosses N100 million at Nigerian box office 

‘My Mother Is A Witch’ crosses N100 million at Nigerian box office 

July 15, 2025
Payaza’s triple credit rating: A milestone for Nigerian fintech leadership 

Payaza’s triple credit rating: A milestone for Nigerian fintech leadership 

July 15, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics