The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has revealed that the redesigned N200, N500, and N1000 Naira notes are now available at banks and ready for issuance to Nigerians.
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The Governor made this known in Daura during a visit to brief President Muhammadu Buhari on the new notes and the recently reintroduced cashless policy.
Emefiele, in a statement on the CBN’s official Twitter handle, said the newly redesigned Naira notes are already in banks and ready for issuance.
According to him, redesigning of the Naira notes and the recent reintroduced cashless policies by the apex bank is a good development for Nigeria’s economy.
The CBN governor insisted that the new directive was for the good of Nigerians and not targeted at any individual.
Recall that the CBN released a policy on Tuesday restricting over-the-counter cash withdrawals by individuals and organisations to N100,000 and N500,000, respectively, per week.
According to a memo signed by the CBN’s Director of Banking Supervision, Haruna Mustafa, the policy limits cash withdrawals via point-of-sale machines and automated teller machines to N20,000 daily and N100,000 weekly, respectively.
Recall that the House of Representatives, on Thursday at its plenary, asked the apex bank to suspend implementation of the cash withdrawal policy.
The CBN governor, however, advanced that Nigerians should embrace the various electronic channels available for banking and financial service transactions in the country.
Emefiele also appealed to Nigerians to take their old N200, N500, and N1,000 banknotes to the banks before January 31, 2023, deadline.
He stated that “The newly redesigned N200, N500, and N1,000 banknotes are now in banks and ready for issuance to members of the public.
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“The currency redesign and reintroduced cashless policies are not targeted at anybody but are for the good and development of the Nigerian economy.
”The CBN deferred the cashless policy severally to prepare and deepen Nigeria’s payments system infrastructure.
“I can only just assure you that it will come round, let us just be calm. Luckily, the old currency continues to be legal tender till January 31, 2023.
“So, I want to crack a joke, both the painted (new notes) and unpainted (old notes) will operate concurrently as legal tender, but by January 31, the unpainted one will not be useful to you again, so please take it to your bank as quickly as possible.”
