Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), stated that President Muhammadu Buhari will unveil the redesigned naira notes on Wednesday, November 23.
Emefiele stated this during the Monetary Policy Committee's monthly meeting in Abuja.
The CBN governor stated that the bank decided not to wait until Thursday, December 15 to unveil the redesigned naira notes.
Emefiele explained that the early release will help speed up the phase-out of existing naira notes.
"Any person from any part of Nigeria can deposit his money in the bank and get his money when the new notes are released in 100 days," Emefiele said.
"For the record, we are no longer waiting until December 15th to unveil and begin releasing the new notes."
"By the special grace of God, the President has graciously accepted to unveil the new currencies tomorrow, November 23rd, 2022, and the new currencies will be unveiled tomorrow at the Federal Executive Chamber by 10am."
According to him, the CBN will not extend the deadline for returning all old notes to commercial banks in exchange for newly designed ones.
The CBN MPC also increased monetary policy to 16.5% from 15.5% while leaving all other parameters unchanged.
CBN announced in late October that it was redesigning 200, 500, and 1,000 naira notes.
Emefiele stated that existing notes would cease to be legal tender on January 31, 2023.
The Senate promised last week that it would provide legislative support for the CBN's policy of redesigning the naira.
Senator Sani Uba, Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, proposed the policy resolution in the Red Chamber.
While legislators supported the move to redesign the naira, they however said the deadline of Tuesday, January 31 2023 to pay all cash in circulation into banks was too short.
The Senate called for aggressive enlightenment on the part of the CBN, especially in the rural areas to ensure that all Nigerians are made aware of the new policy.