{"id":14144,"date":"2022-12-15T12:51:05","date_gmt":"2022-12-15T12:51:05","guid":{"rendered":"https:\/\/newsreservoir.com\/?p=14144"},"modified":"2022-12-15T12:51:05","modified_gmt":"2022-12-15T12:51:05","slug":"banks-distribute-redesigned-naira-notes-today","status":"publish","type":"post","link":"https:\/\/newsreservoir.com\/?p=14144","title":{"rendered":"Banks Distribute Redesigned Naira Notes Today"},"content":{"rendered":"<p dir=\"auto\">\n<p dir=\"auto\">Banks Distribute Redesigned Naira Notes Today<\/p>\n<p dir=\"auto\">\n<p dir=\"auto\">Zainab Tanimu<\/p>\n<p dir=\"auto\">\n<p dir=\"auto\">\n<p dir=\"auto\">Kaduna, Northwest Nigeria<\/p>\n<p dir=\"auto\">\n<p dir=\"auto\">\n<p dir=\"auto\">Banks are to roll out redesigned naira notes today.<\/p>\n<p dir=\"auto\">\n<p dir=\"auto\">\n<p dir=\"auto\">\n<p dir=\"auto\">It will be recalled that last week, the Central Bank Governor, Godwin Emefiele confirmed that the redesigned banknotes were already in banks\u2019 vaults in readiness for today\u2019s disbursement.<\/p>\n<p dir=\"auto\">\n<p dir=\"auto\">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.<\/p>\n<p dir=\"auto\">\n<div dir=\"auto\">The introduction of the new notes was a deliberate step by government to check corruption and counterfeiting of the notes. Emefiele added.<\/div>\n<div dir=\"auto\"><\/div>\n<p dir=\"auto\">The CBN boss said CBN has recorded significantly higher rates of counterfeiting especially at the higher denominations of N500 and N1000 banknotes.<\/p>\n<p dir=\"auto\">\n<p dir=\"auto\">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.<\/p>\n<p dir=\"auto\">\n<p dir=\"auto\">\u00a0Emefiele stated that President Buhari&#8217;s approval for the redesign of the naira note was based on Sections 19, Subsections a and b of the CBN Act 2007.<\/p>\n<p dir=\"auto\">\n<p dir=\"auto\">&#8220;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.<\/p>\n<p dir=\"auto\">\n<div dir=\"auto\">He said the newly designed currency will be released to the banks in the order of first-come-first-serve basis.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The apex bank he said has moped up over N1 trillion from the banks and CBN.<\/div>\n<p dir=\"auto\">\n<p dir=\"auto\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-14145\" src=\"https:\/\/newsreservoir.com\/wp-content\/uploads\/2022\/12\/Mutilated-naira-notes-300x207.jpg\" alt=\"\" width=\"300\" height=\"207\" srcset=\"https:\/\/newsreservoir.com\/wp-content\/uploads\/2022\/12\/Mutilated-naira-notes-300x207.jpg 300w, https:\/\/newsreservoir.com\/wp-content\/uploads\/2022\/12\/Mutilated-naira-notes-768x531.jpg 768w, https:\/\/newsreservoir.com\/wp-content\/uploads\/2022\/12\/Mutilated-naira-notes-100x70.jpg 100w, https:\/\/newsreservoir.com\/wp-content\/uploads\/2022\/12\/Mutilated-naira-notes-218x150.jpg 218w, https:\/\/newsreservoir.com\/wp-content\/uploads\/2022\/12\/Mutilated-naira-notes-696x481.jpg 696w, https:\/\/newsreservoir.com\/wp-content\/uploads\/2022\/12\/Mutilated-naira-notes-607x420.jpg 607w, https:\/\/newsreservoir.com\/wp-content\/uploads\/2022\/12\/Mutilated-naira-notes.jpg 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/p>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\n<div dir=\"auto\">According to the CBN boss, over N500 billion has been received by the CBN while the banks have also received close to N500 billion.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u00a0\u201cAt 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.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">In order that the cash can be\u00a0 processed as quickly as possible, he said what the central bank has done\u00a0 is, to move more people from different departments into currency processing department.<\/div>\n<\/div>\n<div dir=\"auto\">\n<div dir=\"auto\"><\/div>\n<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Of the N3.23 trillion cash in circulation as at September, N2.73 trillion was outside the vault of the banks. He stated.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">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.<\/div>\n<p dir=\"auto\">\n<p dir=\"auto\">\n<p dir=\"auto\">\n<p dir=\"auto\">\n<p dir=\"auto\">\n<p dir=\"auto\">\n<p dir=\"auto\">\n<p dir=\"auto\">\n","protected":false},"excerpt":{"rendered":"<p>Banks Distribute Redesigned Naira Notes Today Zainab Tanimu Kaduna, Northwest Nigeria Banks are to roll out redesigned naira notes today. It will be recalled that last week, the Central Bank Governor, Godwin Emefiele confirmed that the redesigned banknotes were already in banks\u2019 vaults in readiness for today\u2019s disbursement. The new notes he said have been [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":14146,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[7],"tags":[],"class_list":["post-14144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Banks Distribute Redesigned Naira Notes Today -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newsreservoir.com\/?p=14144\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banks Distribute Redesigned Naira Notes Today -\" \/>\n<meta property=\"og:description\" content=\"Banks Distribute Redesigned Naira Notes Today Zainab Tanimu Kaduna, Northwest Nigeria Banks are to roll out redesigned naira notes today. 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