BREAKING: Bank Charges for Cash Deposit Suspended Immediately as CBN Redesign Naira Notes

• By Thursday, December 15, N200, N500, and N1000 notes would have been changed, according to the CBN
• The apex bank on Wednesday, October 26, said the proposed change has been approved by President Muhammadu Buhari
• Moreover, the CBN's governor, Godwin Emefiele, said bank charges for cash deposits have been suspended with immediate effect

With the permission of President Muhammadu Buhari, the Central Bank of Nigeria (CBN) has said it will redesign three naira notes.

CBN's governor, Godwin Emefiele, on Wednesday, October 26, listed the denominations that will go through the change as N200, N500, and N1000.

Emefiele also noted that the change will come into effect by Thursday, December 15, adding that the decision would impact the value of the naira, Daily Trust reports.

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Moreover, the CBN boss directed that "Bank charges for cash deposit are suspended with immediate effect.”

According to him, more than 80 percent of the total cash in circulation was outside the banking system.

His words:

“N2.73 trillion out of N3.23 trn exists outside the commercial bank,”

The apex bank shared a video of Emefiele announcing the issuance of new naira notes on its Twitter page.

See the video below:

CBN, NIBSS move to unify payments through national domestic card scheme

Meanwhile, CBN and the Nigeria Inter-Bank Settlement System (NIBSS), including the Bankers Committee, had said that they will float a national card scheme to enhance the payment system in Nigeria.

The Managing Director of NIBSS, Premier Owoh, stated this during the Committee’s meeting on Thursday, October 20, 2022.

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Card meant to unify payments?

Owoh said the project has been approved and is the brainchild of CBN.

He said part of the project of the apex bank is that the National Domestic Card Scheme will be designed to help accelerate acceptance and efficiency and reduce operating costs of cards in the country.

According to him, the card will be configured to manage the payment ecosystem and improve payment across Nigeria.

It will also provide affordable pricing. Charges on the card will be lower because it will be charged in Naira and not in foreign currency.

Source: Legit.ng