Naira appreciates against the pounds as UK releases new banknotes featuring portrait of King Charles III

Barely four months after the death of Queen Elizabeth II, the Bank of England released images of the first banknotes to feature the portrait of King Charles III on Tuesday, December 20, 2022.

The new notes will begin circulation in the middle of 2024.

The notes featuring the King’s images are 5,10,20, and 50 polymer pound notes with a see-through security panel. The notes remain unchanged from the ones already in circulation, CNBC reports.

The Governor of the Bank of England, Andrew Bailey, said it is a significant moment as the King is only the second monarch to feature on the UK’s banknotes. The tradition of featuring monarchs on banknotes began in 1960.

Coins have always featured in images of monarchs The Royal Mint issued the first coins having the King’s portrait on December 8, 2022.

King Charles became King in September following the death of his mother, Queen Elizabeth. She died after 70 years on the British throne.

The coins and notes with the late queen’ portrait will continue to be legal tender in the UK.

Meanwhile, the naira has appreciated against the British Pound, exchanging for N540 to the pound. The development comes after months of hitting over N800 per pound.

The naira has gained marginally against the US dollar in the last few days.