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Emefiele ‘Newly Redesigned Naira Is Currently Available For Issuance In Banks’

The newly redesigned Naira notes, according to Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), are already in banks and prepared for issuance.
Emefiele made the remarks at Daura, according to various tweets from the CBN’s official account, while visiting to brief President Muhammadu Buhari on the redesign of the naira and the recently reinstated cashless policy.
According to him, the redesigned currency and reinstated cashless regulations were not intended to harm anyone specifically but rather to help the Nigerian economy grow.
The governor of the Central Bank of Nigeria (CBN) advised Nigerians to use the many electronic channels available in their country for banking and financial service activities.
The newly redesigned N200, N500, and N1,000 banknotes are currently available for public distribution in banks.
“The redesigned currency and the reinstated cashless policies are not directed at any specific individuals; rather, they are for the benefit and advancement of the Nigerian economy.
He stated, “The CBN postponed the cashless policy numerous times to build and strengthen Nigeria’s payments system infrastructure.
Before the deadline of January 31, 2023, Emefiele recommended Nigerians to take their outdated N200, N500, and N1,000 banknotes to the banks.
The Monetary Policy Committee (MPC) meeting on October 26 is where the apex bank disclosed plans to redesign some Naira denominations, according to the News Agency of Nigeria (NAN).
As a result, it decided to make Buhari’s Nov. 23 announcement of the new naira notes’ official launch date Dec. 15.
The CBN also recently released a revised cash withdrawal policy, which states that withdrawals over N100,000 and N500,000 would henceforth be subject to 5% and 10% fees, respectively, for both individuals and business organizations. (NAN)

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