Central Bank governor Godwin Emefiele has announced that the newly redesigned naira notes are now in banks and ready for issuance.
Emefiele made the announcement at Daura when visited President Muhammadu Buhari on the naira redesign and the recently reintroduced cashless policy.
On currency redesigning and the reintroduced cashless policies, Emefiele clarified that there were not targeted at anybody but, were for the good and development of the Nigerian economy.
Emefiele hence urged Nigerians to embrace the various electronic channels available for banking and financial service transactions in Nigeria.
A tweet from CBN’s official handle on Friday read:
“The newly redesigned N200, N500, and N1,000 banknotes are now in banks and ready for issuance to members of the public.
“The currency redesign and reintroduced cashless policies are not targeted at anybody but are for the good and development of the Nigerian economy.
“The CBN deferred the cashless policy severally to prepare and deepen Nigeria’s payments system infrastructure.”
Emefiele reminded Nigerians to take their old N200, N500, and N1,000 banknotes to the banks before January 31, 2023, deadline.
Recall that the apex bank had announced plans to redesign certain denominations of the Naira during its Monetary Policy Committee (MPC) meeting on October 26.
The CBN also, recently, issued a revised cash withdrawal policy, stating that cash withdrawals above N100,000 and N500,000 for individuals and corporate organisations will henceforth attract five per cent and 10 per cent, respectively.
This development exempted Point-of-Sale, POS operators.
The Director of Corporate Communications of the Central Bank, Mr Osita Nwanisobi had said:
“The circular is very clear. If you are doing PoS, it is online and mobile transaction. Whenever cash is involved, then there is a limit. However, there is an exemption in the circular, which PoS operators can apply for based on the volume of their transactions.”
CBN had set December 15 as the official start date for the circulation of the new naira notes, which Buhari unveiled on November 23.
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