CBN to launch new Naira notes December
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Wednesday announced that 200, 500, and 1000 Naira notes will be redesigned by Thursday, December 15, 2022.
Emefiele also advised Nigerians to return the existing old notes to their banks before the expiration period as it would seize to be regarded as legal tender by January 31, 2023, adding that the deposit fee would be waived for transactions below N150,000.
He said this while speaking during a special press briefing in Abuja, the federal capital territory of Nigeria.
According to Emefiele, actions are being taken in order to take control of the currency in circulation.
The CBN Governor also said that the bulk of the nation’s currency notes was outside bank vaults and that the CBN would not allow the situation to continue.
“In recent times, however, currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country. These challenges primarily include:
▪ Significant hoarding of banknotes by members of the public, with statistics showing that over 80 per cent of currency in circulation are outside the vaults of commercial banks;
▪ Worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability;
▪ Increasing ease and risk of counterfeiting evidenced by several security reports,” Emefiele said.
He also noted that recent development in technology and advancements in printing devices have made fake Naira notes to be rampant.
“Indeed, recent development in photographic technology and advancements in printing devices have made counterfeiting relatively easier. In recent years, the CBN has recorded significantly higher rates of counterfeiting especially at the higher denominations of N500 and N1,000 banknotes.”
Emefiele reassured the general public that the CBN would continue to monitor both the financial system in particular, and the economy in general, and always act in good faith for the achievement of the Bank’s objectives and the betterment of the country.
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