The Central Bank of Nigeria (CBN) said it will start circulating newly redesigned N200, N500, and N1000 naira notes from December 15, 2022.
Governor Godwin Emefiele disclosed this on Wednesday afternoon during a special briefing. He said the naira notes were redesigned following approval by the Federal Government.
Mr Emefiele also noted that in line with the transition from old notes to new ones, bank charges for cash deposits have been suspended with immediate effect.
He also explained that the new and existing naira notes shall remain legal tender and circulate together until January 31, 2023, when the existing currencies shall seize to be legal tender.
What CBN is saying about new notes
- Emefiele said, “Currency management is a key function of the Central Bank of Nigeria, as enshrined in Section 2 (b) of the CBN Act 2007. Indeed, the integrity of a local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy are some of the hallmarks of a great Central Bank.
- “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.
- “In recent years, the CBN has recorded significantly higher rates of counterfeiting especially at the higher denominations of N500 and N1,000 banknotes. Although global best practice is for central banks to redesign, produce and circulate new local legal tender every 5–8 years, the Naira has not been redesigned in the last 20 years.”
It was based on these trends, problems, and facts, and in line with sections 19, subsections a and b of the CBN Act 2007, that the management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels.
- “In line with this approval, we have finalized arrangements for the new currency to begin circulation on December 15, 2022. The new and existing currencies shall remain legal tender and circulate together until January 31, 2023, when the existing currencies shall seize to be legal tender.”
What you should know
All Deposit Money Banks currently holding the existing denominations of the currency are expected to begin returning these notes to the CBN effective immediately, as the newly designed currency will be released to the banks on the order of First-come-First-serve basis.
Customers of banks are also expected to begin paying into their bank accounts the existing currency to enable them to withdraw the new banknotes once circulation begins in mid-December 2022.
All banks are therefore expected to keep open, their currency processing centres from Mondays through to Saturdays to accommodate all cash that will be returned by their customers.
- “For the purpose of this transition from existing to new notes, bank charges for cash deposits are hereby suspended with immediate effect. Therefore, DMBs are to note that no bank customer shall bear any charges for cash returned/paid into their accounts. Members of the public are to please note that the present notes remain legal tender and should not be rejected as a means of exchange for the purchase of goods and services,” Emefiele added.
Good as it may be,but us it going to improve the economy or bring down inflation?
One of the greatest problems of the Nigerian government I find, is it’s inability to plan with the distant future in mind. As much as developing new notes might be in place, given how counterfeit-able said notes have now been found to be, why were they designed without such flaws taken into strict consideration?
Did the security designers of these notes from the very beginning not envision their counterfeit-ability and then take measures to ensure these never happened, that way these notes would serves us for much longer?
Thus, less than two decades later, we are set to measures that could have easily been taken at inception thus saving precious taxpayers monies on inconsequentials…
A sorry but true case of visionless government…
it’s just the timing for me. Why now, we have Trillions of debt to service, insecurity to battle, and all the apex bank could think about is redesigning the Naira. This country is gradually becoming a joke.
It will enable authorities to block ill-gotten money, either from courupt officials, kidnappers and all sorts of thieves as well as money horders ,in and out of the country.
That’s what it’s ment to do, but will it?
Mind you printing new currency isn’t cheap and even the design.
That is it, if been taken seriously and also this is were EFCC has to take their role on those corrupt officials
While our naire is so poor. All CBN could think about from the FG is redesigning…😞😞😞.. am a youth. Being a home asking and praying to God to provide work for me to help myself and my country. Because I know now that my country can’t provide for me neither for the youth.
I pray to God to reward everyone that has made the cost of living miserable for us youths and elders harder to live in our country.
It’s both funny & annoying when you see a clueless leader outdo his incompetence. How does the redesign of the naira notes improve the value of the naira? We have clowns & comedians as leaders in this country…
I am sure that those involved knew what they are doing. First of all, this is a wrong time to think of redesigning of anything that will have impact negatively on the people in the country. This is election period, this is another tactics of diverting people’s mind and time away from the election and voting.
What impact will it have on the economy? If nothing, you’re adding to the hardship in the land
Another beautiful nonsense to the Nigerian government election is coming next year 2023 another way they want to steal the money from the Nigeria’s redesigning of the naira will it solve the problem of security challenges in the country? redesigning of the naira will it reduce the price of foodstuffs in the market? redesigning of the naira will it stop the innocent killing in the country? election is coming up will still have the same old Baboo that says we should vote for them the same old criminals those that cannot stand and those that can stand so that they will still more money God will surely answer Nigeria prayers this time around amen.
The man called Godwin Emefiele the CBN governor, the man is the main major and reason why our economy is down 👎, he hasn’t been contributing to nothing rather than working for the politicians on how to eat this embezzle money that was supposed to use for the betterment of the country Nigeria. Their time shall pass and they shall not be remember for good but for bad memories forever and they shall be punished in heaven and perish in hell fire 🔥
What’s really wrong with our government? At this time when we have problem to battle with, n.a. money them dey redesign for us? They don’t have shame at all. They don’t have conscience at all for humanity! At this period that we have people dying because of floods, sickness and so on, n.a. no ey them get time to redesign? O ma shey olowo!!!!
What’s really wrong with our government? At this time when we have problem to battle with, na money them dey redesign for us? They don’t have shame at all. They don’t have conscience at all for humanity! At this period that we have people dying because of floods, sickness and so on, na money them get time to redesign? O ma shey ooowo!!!!
Clueless people
Nigerians!!!!
Una dey blow grama sha.
Can any youth constructively States what it’ll take to have a economy turnaround, or better still speak correctly towards your leaders.
Clueless, this and that. You dey suffer now, u dey complain. That’s what you called them (Leaders).
Let’s be constructive and engaging. Go to his handles, ask questions, do other findings before jumping into conclusions.
Regards.
This can be a good move, not to better the condition of Nigerians of course, but a way to render all the stash of those thieves, looters and Kidnappers useless.
Let’s see how the penny goes this time.
My issues are the following
Was the redesign captured in CBN 2022 budget
The cost of the redesign will again be equal to the value of the new currencies and in scarce forex
One will be surprised that the printing was not done by NSPMC
Who says the bandits and kidnappers cannot demand ransom in dollars or insist on new notes
Who told CBN that the funds they want brought into the banks have been cinverted to dollars already and would not be brought by the intended people
The timing is wrong as we prepare for election. Nigerians do things late. The time to be wasted in converting notes would discourage people from participating in the election
Above all, the poverty and deep misery may cause protest vote
kai naje wanna can ji yayi