In an effort to curb the increasing risk of counterfeiting evidenced by several security reports, hoarding of banknotes by members of the public, with statistics showing that over 80 percent of currency in circulation are outside the vaults of commercial banks; and worsening shortage of clean and fit banknotes and increased risk to financial stability, the Central Bank of Nigeria (CBN) its decision to redesign the Naira notes.
The announcement was made at a Press briefing which held on Thursday in Abuja. The CBN Governor said the new design and issues will be effective from mid-December 2022.
According to him, the new notes include N100, N200, N500 and N1000. He advised Nigerians to take old notes to banks to enable them withdraw the new banknotes once circulation begins.
“Accordingly, all Deposit Money Banks currently holding the existing denominations of the currency may begin returning these notes back to the CBN effective immediately. The newly designed currency will be released to the banks in the order of First-come-First-serve basis.
“Customers of banks are enjoined to begin paying into their bank accounts the existing currency to enable them withdraw the new banknotes once circulation begins in mid-December 2022. All banks are therefore expected to keep open, their currency processing centers from Monday to Saturday so as 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 purchase of goods and services.
“We would like to use this opportunity to reassure 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.’’
