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Newly redesigned Naira is already available in banks and ready for issuance, according to Emefiele

The newly redesigned Naira notes, according to CBN Governor Mr. Godwin Emefiele, are already in banks and prepared for issuance.

Emefiele reportedly made this statement in Daura while on a visit to inform President Muhammadu Buhari on the redesigned naira and the recently reinstated cashless policy, according to a statement on the CBN’s official twitter account.

“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.

“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Before the deadline of January 31, 2023, Emefiele recommended Nigerians to take their outdated N200, N500, and N1,000 banknotes to the banks.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 that the new naira notes, which President Muhammadu Buhari introduced on November 23, will officially begin to circulate on December 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.

In the meantime, the House of Representatives requested that the apex bank halt the implementation of the cash withdrawal policy during its Thursday plenary session.

Emefiele has been invited by the lawmakers to appear before the House on Thursday to discuss the relevance and impact of the new policy.

The suspension will continue until the House and CBN negotiate the appropriate provisions of the CBN Act and the 1999 Constitution regarding the CBN’s monetary policy. (NAN)

Patience Nwike

Patience is a Passionate Researcher, Web Manager as well as a certified Technical SEO Specialist. She loves to read News, write News Summary, and do Technical SEO.

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