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CBN starts countdown clock for the end of three banknotes as BDC reacts

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The Central bank of Nigeria (CBN) has created a countdown clock on its website showing the end for three banknotes in circulation.

CBN Governor, Godwin Emefiele, had on October 26, announced the redesign of N200, N500 and N1,000.

The CBN governor, during the announcement, said that the change was sequel to the president’s approval and that the new banknotes would commence on December 15, 2022.

The countdown clock conspicuously positioned on the CBN website reads: “Current series of N200, N500 and N1,000 notes”

As at Monday, 21 November 2022, the clock reads 70 days to Tuesday, January 31, 2022.

READ ALSO:EFCC chairman, Bawa, predicts crash in exchange rate to N200/$ after redesign of Naira

Meanwhile the Association of Bureau De Change Operators of Nigeria (ABCON) has predicted that the naira exchange rate would appreciate after the ongoing redesigning of some dominations of the nation’s currency.

President of ABCON, Mr. Aminu Gwadabe, made the prediction in a note on his Whatsapp status yesterday, saying the Central Bank of Nigeria (CBN) was likely, “to close the gap between the flexible versus fixed exchange rate to flood the market with capital inflows.”

Gwadabe stressed that his outlook for the naira in 2023, was that the naira redesign measure would help the CBN to mop up significant proportions of the naira outside the banking vault, which hitherto was “putting pressure on the fragile exchange rate volatility in the parallel market as the demand surge witnessed only spurious and began to thin out gradually.”

He added: “With this scenario and the expectations of the central bank to reduce the gap between the fixed and the parallel market to encourage the critical foreign inflows as a significant liquidity source to strengthen the naira.

“The envisaged liquidity will flood the market like we witnessed in 2016 when they established the I&E window to attract foreign inflows in the market for investment into our vast natural resources.

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