Banks Set to Issue New Naira Notes Today

Today, Deposit Money Banks will distribute the newly redesigned naira notes to customers via over-the-counter payments.

This is happening three weeks after the President, Major General Muhammadu Buhari (retd), disclosed the new bills during the Federal Executive Council meeting, which was held in Aso Rock Villa.

The President disclosed the redesigned notes, which are the N200, N500, and N1,000 denominations.

The Governor of the Central Bank of Nigeria, Godwin Emefiele, had announced in October that the apex bank would release redesigned naira notes by December 15, 2022.

He also revealed that the old notes would cease to be regarded as legal tender by January 31, 2023.

Emefiele pointed out that the redesigning of the naira notes would help to curb counterfeit notes and reduce ransom payments to terrorists and kidnappers.

The CBN boss said it was worrisome that 85 percent of the total currency in circulation was being hoarded by Nigerians.

As such, he said the redesign of the local currency would help mop up the currency outside the banking sector.

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