Newly Redesigned Naira Now In Banks, Ready For Issuance – Emefiele

Mr Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), says the newly redesigned Naira notes are now in banks and ready for issuance.

Emefiele made the statement at Daura while on a visit to brief President Muhammadu Buhari on the Naira redesign and the recently reintroduced cashless policy, according to various tweets on the CBN’s official handle.

He stated that the currency redesign and reintroduced cashless rules were not intended to target anyone, but rather to benefit and develop the Nigerian economy.

Why Naira Notes Were Redesigned – President Buhari

The governor of the Central Bank of Nigeria (CBN) advised Nigerians to embrace the numerous electronic channels available for banking and financial service transactions in Nigeria.

“The newly redesigned N200, N500, and N1,000 banknotes are now in banks and ready for issuance to members of the public.

“The currency redesign and reintroduced cashless policies are not targeted at anybody but are for the good and development of the Nigerian economy.

” The CBN deferred the cashless policy severally to prepare and deepen Nigeria’s payments system infrastructure,” he said.

Emefiele encouraged Nigerians to return their old N200, N500, and N1,000 banknotes to banks before the deadline of January 31, 2023.

JUST IN: Buhari To Unveil Redesigned Naira Notes On Wednesday – Emefiele

According to the News Agency of Nigeria (NAN), the top bank disclosed intentions to redesign various Naira denominations during its Monetary Policy Committee (MPC) meeting on Oct. 26.

As a result, the official start date for the distribution of the new naira notes, which Buhari introduced on Nov. 23, has been set for Dec. 15.

The CBN also recently released an updated cash withdrawal policy, noting that cash withdrawals of N100,000 and N500,000 for individuals and business organizations, respectively, will henceforth attract 5% and 10% interest.

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