CBN To Release Re-Designed Naira Notes December - NEWS FRONTIER DAILY


Wednesday, October 26, 2022

CBN To Release Re-Designed Naira Notes December

By Editor

The Central Bank of Nigeria (CBN) has announced that new naira notes of N200, N500 & N1000 to be released in December 2022. 

The CBN Governor, Mr. Godwin Emefiele, who  announced this at a press briefing in Abuja, said the action was taking in order to take control of the currency in circulation.

According to him, the bulk of the nation's currency notes were outside bank vaults and that the CBN would  not allow the situation to continue.

Mr. Emefiele said that the new notes will be released for public use on December 15, 2022.

He also said that the old notes and the new notes would circulate together until January 31, 2023 when the old notes would cease to be legal tender.

"Existing notes are still valid but will be withdrawn from circulation gradually". 

"Also bank charges for deposits and withdrawal are abolished with immediate effect". 

"Banks to work from Monday to Saturday for currency processing and exchange".

The CBN said that it is worrisome that 85 per cent of the currency in circulation is being hoarded by Nigerians.

He further urged Nigerians to proceed to their banks to deposit their Naira notes, adding that the deposit fee would be waived for transactions below N150,000.

Emefiele added that the redesigning of Naira notes would help to curb counterfeit notes, as well as hamper ramson payment to terrorists and kidnappers.

He also said that Central Bank of Nigeria will in the next 100 days mop up N3.23 trillion from circulation to tackle rising inflation.

He said that of the N3.23 trillion cash in circulation as of September 2022, N2.73 trillion is outside the vault of banks.

Emefiele said both the funds within and outside the banking system will be mopped up from today till January 31, 2023 to the CBN’s vault to control rising inflation.

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