On 26 October 2022 CBN Governor Godwin Emefiele announced the redesign of the ₦200, ₦500 and ₦1,000 notes, with a 31 January 2023 deadline for the return of old notes. Acute cash scarcity provoked unrest in southern and middle-belt states between February and March 2023.
Redesign2022· Buhari II· Chapter I · Money
Naira redesign: ₦200, ₦500, ₦1,000
Announced 26 October 2022 by CBN Governor Emefiele. Old notes initially deadline 31 January 2023; deadline contested at the Supreme Court (Feb 2023).
Sources
- · CBN Press Briefing 26 October 2022
What it cost — political & economic reality
The political and economic reality
Nigeria in 2022: who was in charge, the cabinet of the day, the GDP, and the crises that defined the period.
President · Fourth Republic
Muhammadu Buhari
2015–2023· APC
National reality
Two recessions (2016, 2020). Multiple naira devaluations. ASUU strike of 2022 closed federal universities for ~9 months. End SARS protests (Oct 2020); Lekki Toll Gate incident. Out-of-school children >18 million by 2022.
Crises of the period
- 2016 recession + FX crisis
- End SARS + Lekki Toll Gate (Oct 2020)
- COVID-19 lockdown (2020)
- 9-month ASUU strike (2022)
- Naira redesign chaos (Q1 2023)
GDP (World Bank)
$494 bn (2015) → $477 bn (2022)
Cabinet (selected portfolios)
- Finance
Kemi Adeosun (2015–18); Zainab Ahmed (2018–23)
- Justice (AGF)
Abubakar Malami (SAN)
- Education
Mallam Adamu Adamu (2015–23)
- Petroleum
Muhammadu Buhari (concurrent); Min. of State Ibe Kachikwu then Timipre Sylva
Source: Federal Gazette 2015–23; CBN; NBS
Methodology
Tier 1 · primary
Courts. Gazettes. National archives.
Tier 2 · corroborating
OCCRP. HRW. BudgIT. TheCable.
Redline
Wikipedia is never a source.