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CBN
We explained what it means for your money.
The bulk of the money used to fund Nigeria's foreign reserves comes from the export of gas and oil to other nations
A total of 4.3 million new BVN registrations have been recorded so far this year
A total of N2.7 trillion is currently outside the banking system
President Buhari launched the newly redesigned notes at the State House, Abuja
The apex bank will also support farming during the dry season to boost food production
The CBN has given a total of N1.01 trillion to over 4.21 million smallholder farmers producing 21 commodities
However, he reiterated that the current currency would remain legal tender alongside the new Notes until January 31, 2023.
Emefiele suggested that Nigerians should start carrying N50 around and use electronic banking for large transactions
The further tightening stance will help restore investor sentiment while curbing the rising rate of inflation.
In October, the apex bank announced that it would redesign the N200, N500, and N1,000 notes.
Our in-house analysts expect a hawkish stance albeit between 50bps and 100bps