The Central Bank of Nigeria (CBN) revealed that there is no scarcity of new naira notes according to some media reports.
This was disclosed by Godwin Emefiele, the CBN Governor represented by Musa Jimoh, Director of the Payment System Management Department of the bank, in Jos.
The Nigerian Senate urged the CBN to extend the deadline by 6 months but the CBN says there is no going back on its January 31st deadline.
Positive supply: The CBN said there is enough supply of the new notes to commercial bank ATMs, and urged banks to desist from keeping cash away.
- ”The CBN has massively supplied the new notes to commercial banks to dispense both at counters and ATMs.
- ”This is to enable quick circulation and we want to advise commercial banks to desist from keeping the cash away from the public or face the stiffer sanction.”
The CBN Governor also advised Nigerian to deposit old notes before the deadline, insisting that there is no going back. He also added that the decision to redesign the currency is in line with global standards, adding that they are to redesigned every 5 years but Nigeria took nine years since its last currency design.
Awareness: Emefiele added the Monitoring and Sensitisation project was aimed at addressing problems related to cash circulation in order to create awareness of the use of agents to circulate cash in under-banked communities
- “The Monitoring and Sensitisation project was activated by the apex bank for investigation of the attitude of banks toward the spread of the new currencies.
- ”We are equally using it to create awareness on the use of agents to circulate the cash in communities with few or no bank branches available.”
What you should know
The Nigerian Senate this week urged the CBN Governor, Godwin Emefiele, to extend the January 31st deadline for old naira notes withdrawal to July 31st, 2023.
The Senate said it was necessary to extend the deadline, urging that banks should also open an exchange window where people who don’t have a bank account can exchange their old notes with new notes. They said:
- “The Central bank should immediately extend the use of the old notes by six months from January 31st to July 31st 2023 with immediate effect;
- “The Governor should compel banks to open an exchange window where people who don’t have a bank account can exchange their old notes with the new note.”
The CBN governor is not sincere with the naira redesign. He promised an upward review to the withdrawal limits. A visit to the bank showed that the maximum allowable withdrawal limit is N20,000. Mr Governor, despite the hardship you hoisted on the people, I think.the least you can do is to ensure that your word is your bond. You cannot be Mr know All. You have a good plan but the system on ground cannot operationalize it. We know how everyday market men and women operates. Kindly allow the circular flow operate unhindered.
There are no new bank notes in circulation especially in Ebonyi State.
ATM still dispense old notes till this morning
All these things the cbn gov. is saying is rubbish come to rural areas and see mercies suffering shops are close due to lack of new naira notes sincerely speaking God will not let you to free as a result of these suffering you intensionally caused to innocent Nigeians
I think this is an attempt by CBN & IMF to sabotage our economy
This man cannot be trusted. It shows he has an ulterior motive or the banks are not sincere. In Lagos as we speak both banks and POS operators are not giving out new notes. The CBN keeps telling us the news are massively supplied to the banks. Where are the new notes. This man needs to be investigated
Cbn should do the investigation on his own, and know the truth, no new currency in p o s now ,the are still issurng old note
There’s no circulation of the newnaira notes, I’m currently at Access bank ASA Nnentu branch (flyover) Aba,..both i couldn’t withdraw because both access and fidelity ATMs has no cash in them….had to go back now.
Is dis For Real? We are referring to what is currently on Ground nit d whimps and caprices of an Individual. Pls listen to Nigerians for once!
Kudos to Mr Godwin Emefiele I really appreciate your effort put to ensure that the new naira notes is circulated.
A governor should not lie, NO SCARCITY ? WITH Banks ATM not dispensing due to no new notes, no over the counter payments of new notes, Central Bank is a failure if they say new notes are well in distribution. He’s just another politician in disgusted form, funny its only affecting we the masses not the rich like him that have filled their accounts and other means.
There shall be a time of judgements and justice.