Banks Distribute Redesigned Naira Notes Today

By
ZAINAB TANIMU
-
447
Visit Example Website

Banks Distribute Redesigned Naira Notes Today

Zainab Tanimu

Kaduna, Northwest Nigeria

Banks are to roll out redesigned naira notes today.

Visit Example Website

It will be recalled that last week, the Central Bank Governor, Godwin Emefiele confirmed that the redesigned banknotes were already in banks’ vaults in readiness for today’s disbursement.

The new notes he said have been dispatched to the banks, and it is expected that the banks will begin to distribute those currencies to the members of the public who are their customers.

Visit Example Website

The introduction of the new notes was a deliberate step by government to check corruption and counterfeiting of the notes. Emefiele added.

The CBN boss said CBN has recorded significantly higher rates of counterfeiting especially at the higher denominations of N500 and N1000 banknotes.

Going by global practices, central banks are expected to redesign, produce and circulate new local legal tender every five to eight years, and that in the last 20years the naira note has not been redesigned.

 Emefiele stated that President Buhari’s approval for the redesign of the naira note was based on Sections 19, Subsections a and b of the CBN Act 2007.

“The new currency note is to begin circulation from today, December 15, 2022. The new and existing currencies shall remain legal tender and circulate together until January 31, next year when the existing currencies shall seize to be legal tender.

He said the newly designed currency will be released to the banks in the order of first-come-first-serve basis.
The apex bank he said has moped up over N1 trillion from the banks and CBN.

According to the CBN boss, over N500 billion has been received by the CBN while the banks have also received close to N500 billion.
 “At the central bank we have received more than half a trillion naira with the banks we also have goods also received close to half a trillion naira.
In order that the cash can be  processed as quickly as possible, he said what the central bank has done  is, to move more people from different departments into currency processing department.
Of the N3.23 trillion cash in circulation as at September, N2.73 trillion was outside the vault of the banks. He stated.
With the open windows provided, it is therefore advisable that people use the opportunity to hasten up transactions before the expiration date and banks also are instructed to begin to return the old notes to central bank.

See also  ARISE TV APOLOGIES TO TINUBU OVER FAKE REPORT
Visit Example Website

RELATED ARTICLESMORE FROM AUTHOR