Buhari Set to Unveil New Naira Notes On Wednesday in Abuja
- President Muhammadu Buhari would on Wednesday show Nigerians what the new naira notes look like
- The redesigned naira notes by the Central Bank of Nigeria are the N200, N500, and N1,000
- The CBN also set December 15, 2022, as the date for the circulation of the new naira notes and January 31 for cessation of notes
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Many Nigerians will get a sneak peek of newly redesigned naira notes on Wednesday, November 23, 2022, when President Muhammadu Buhari unveils them.
According to a Premium Times report, the President will unveil the new notes during the Federal Executive Council meeting in Abuja.
Source: Getty Images
CBN says it wants to have control over currency circulation
The Central Bank of Nigeria announced on October 26, 2022, that it would redesign N200, N500 and N1,000 notes and gave December 15, 2022, as the date to begin circulating the new naira notes.
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The apex bank stated that it would redesign the notes to control the amount of currency in circulation and enable it to manage inflation and counterfeiting.
CBN said:
“These challenges primarily include Significant hoarding of banknotes by members of the public, with statistics showing that over 85 per cent of the currency in circulation are outside the vaults of commercial banks,” CBN governor Godwin Emefiele had said.
“More specifically, as of the end of September 2022, available data at the CBN indicate that N2.73 Trillion out of the N3.23 trillion currency in circulation was outside the vaults of Commercial Banks across the country; and supposedly held by the public.
“Evidently, currency in circulation has more than doubled since 2015; rising from N1.46 trillion in December 2015 to N3.23 trillion in September 2022. This is a worrisome trend that cannot be allowed to continue.”
CBN articulates plans for rural dwellers
The bank said Nigerians in the rural areas would be catered for as it has made plans for easy exchange, stating that it is working with relevant agencies to no one is left behind.
CBN said it acknowledges that cash and access points may not be eqaully distributed across the country and the geopolitical zones.
The banks said it has been collaborating with relevant agencies and stakeholders in the financial sectors that ensure that vulnerable citizens are carried along.
New Naira Notes: Banks issue deadlines to customers to deposit old naira notes
Legit.ng reported amid the bickering between the Minister of Finance, Budget and National Planning, Zainab Ahmed and The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, over the redesigning of naira notes, several banks have given deadlines to their customers to deposit old naira notes.
One of the banks, Fidelity Banks, announced via its Instagram page on Saturday, October 29, 2022, that its customers have until January 31, 2022, to deposit old naira notes or risk being rejected.
The bank said it would extend working hours to 6 pm in all its branches to allow cash deposits.
Source: Legit.ng
