The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said that all banks across the country have received the newly redesigned Naira notes and are ready for instance.
Emefiele stated this after a visit to President Muhammadu Buhari in his home town in Daura yesterday. He also disclosed that over N1 trillion has so far been pulled back into the banking system since the apex bank announced the redesign of the N200, N500 and N1,000 notes in October.
According to him, “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.
He, therefore, advised Nigerians to take their old N200, N500, and N1,000 banknotes to the banks before January 31, 2023, deadline.
The News Agency of Nigeria (NAN) reports that the apex bank had announced plans to redesign certain denominations of the Naira during its Monetary Policy Committee (MPC) meeting on Oct. 26.
It, thus, set Dec. 15 as the official start date for the circulation of the new naira notes, which President Muhammadu Buhari, unveiled on Nov. 23.
The CBN also, recently, issued a revised cash withdrawal policy, stating that cash withdrawals above N100,000 and N500,000 for individuals and corporate organisations will henceforth attract five per cent and 10 per cent, respectively.
Meanwhile, the House of Representatives at Thursday plenary asked the apex bank to suspend implementation of the cash withdrawal policy.”