The old notes’ status as legal money will expire on January 31, 2023.
By Omotayo Olutekunbi
The freshly redesigned naira notes will be released to consumers by Deposit Money Banks via over-the-counter payments on Thursday (today) when they will enter circulation.
This occurred around three weeks after the President, Major General Muhammadu Buhari (retd), announced the new legislation during the Federal Executive Council meeting, which was held in Aso Rock Villa.
The President introduced the revised notes in the N200, N500, and N1,000 denominations.
The top bank would deliver newly designed naira notes by December 15, 2022, Central Bank of Nigeria Governor Godwin Emefiele had declared in October.
He added that the old notes’ status as legal money will expire on January 31, 2023.
Emefiele emphasized that the redesign of the naira notes will aid in reducing ransom payments to terrorists and kidnappers as well as counterfeit notes.
The head of the CBN said it was concerning that Nigerians were hoarding 85% of the entire amount of cash in circulation.
He said that out of the about N3.3 trillion in circulation, nearly N2.75 trillion were outside the banking sector and that the redesign of the local currency will assist to mop up the cash outside the banking sector.
Top commercial bank executives told our reporter on Wednesday that they had received the new notes from the CBN a few days prior and that their clients would start receiving the redesigned money on Thursday (today).
“We got the funds (new notes) about two days ago. Our head office has dispatched the funds to various area offices across the country. My branch will pick up our allocation at a nearby area office. We will start releasing the new notes to our customers by Thursday,” said a top executive of a commercial bank who talked to one of our reporters on the condition of anonymity on Wednesday because he was not authorized to comment on the subject.
Several financial insiders confirmed that the fresh notes had arrived and were being stored in vaults.
They verified that the replacement notes would be distributed to consumers in banking halls starting Thursday.
#BigBrotherNaija “Level Up” Week 6
Though last Sunday Sunday was meant to be a “no-eviction” day, it came as a shocker when fake housemate, Modella…
Dating in 2022; Situationships Are Not For The Fainthearted
Situationships are defined as that space between a defined relationship and something other than a friendship. It is a romantic…
20 Questions With Dinta Media’s Visual Storyteller, Chimeremogo Nwoke
Dinta Media is not really just a media production brand but we like to see ourselves as a hub for…
How Are Nigeria’s Small Businesses Coping?
The current rising rate of inflation and other burdens against the Nigerian economy speaks to the realities of the times.
Thrifting Is All The Rave Now, Here’s Why
By Amy Adindu The affordable clothing movement has gained global attention and acceptance as we’re all trying to look like…
#BigBrotherNaija “Level Up” Week 2
Week 2 of the highly watched Nigerian TV show kicked off with an early plot twist. On Sunday, Big Brother…
#BlueTunes: Burna Boy, Omah Lay Top Album Picks For July
July was a promising month for music lovers; from Lizzo’s album titled Special and Imagine Dragons’ Mercury, (Acts 1 &…
#BlueTunes Album Picks For June
Gbagada Express – Boj Bolaji Odojukan, popularly known as BOJ, was raised both in England and Nigeria. He shot to…
“A Creative’s Dream” with Jeff Chinonso
On the 26th of June 2022, Jeff Chinonso hosted his first solo art exhibition. The Augmented Reality exhibition themed “A…
Nigerian API-based company Thepeer raises $2.1 million
Tech infrastructure startup Thepeer has raised a $2.1 million seed round according to a report from TechCabal. Thepeer, a Nigerian…
Dika Ofoma, Ugochukwu Onuoha take on grief in Debut Film “The Way Things Happen”
The twenty-minute film focuses on the loss of a loved one, and how grief changes a person.
Nigerian Startups might just be Crippled by a Recently Leaked bill
Over the years there has been talks of amendment on the 2007 Act of the National Information & Technology Agency (NITDA).
Why We Love Kelechi Amadi Obi
The definition of talent is Kelechi Amadi’s iconic story. Imagine a person who studies law in school, gets called to Bar, and leaves it all for something different and unrelated…Painting!
