Muhammadu Buhari, the president of Nigeria, on Wednesday unveiled new currency notes for the N200, N500 and N1,000 denominations.

Buhari revealed the new banknotes at the Federal Executive Council (FEC) meeting on Wednesday morning.

On October 26, the Central Bank of Nigeria (CBN) had announced that it had gotten permission from the president to redesign the N200, N500 and N1,000 banknotes.

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The new banknotes sport new colour schemes with no much change from its original design.

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Godwin Emefiele, Governor of the Central Bank of Nigeria, had said that the apex bank would issue the new banknotes to the public from December 15.

The CBN also noted that the redesign of the banknotes was 12 years overdue, stating that the last currency redesign was done 20 years ago.

It stated that it is standard practice for central banks across the world to redesign and circulate new local legal tender every eight years.

The old N200, N500 and N1,000 banknotes will cease to serve as legal tender on January 31, 2023.