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.
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