The Nigerian Central Bank has disclosed its intention to redesign the Naira. Godwin Emefiele, who made the announcement at a news conference in Abuja, stated that the process would touch the largest denominations: 200, 500, and 1,000 notes.
Emiefele also disclosed that the new naira banknotes will be in circulation beginning from December 15.
He continued, “The new and existing currencies will be legal tender and circulate concurrently until January 31, 2023, at which time the existing currencies will cease to be legal tender.”
“Accordingly, beginning instantly, all Deposit Money Banks holding existing denominations of cash may begin surrendering these notes to the CBN.
The newly designed currency will be distributed to banks on a first come, first served basis.
“Bank customers are required to begin depositing existing currency into their bank accounts in order to be able to withdraw the new banknotes once circulation begins in mid-December 2022.
In so doing, it is expected that all banks would maintain their currency processing centers open Monday through Saturday to accommodate all customer-returned cash.
“Effective immediately, bank charges for cash deposits are halted for the duration of this transition from existing to new currency.
Therefore, DMBs should be aware that no bank customer is liable for any fees associated with funds returned to or deposited into their accounts.
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“The public is reminded that these notes are still legal tender and should not be refused as payment for products and services.
“We would want to take this occasion to assure the public that the Central Bank of Nigeria will continue to monitor the financial system in particular and the economy in general, and will always act in good faith for the achievement of the Bank’s goals and the improvement of the nation.
