The wait is over for Nigerians who would, for the first time start using the newly redesigned N1,000, N500 and N200 notes as the new currency noted enter circulation today.
This is line with timetable of the Central Bank of Nigeria (CBN) which sets today, Thursday December 15 for the circulation of the new denomination and January 31, 2023 as the deadline for the old version of the three denomination.
This came about three weeks after the President Muhammadu Buhari unveiled the new bills at a weekly Federal Executive Council (FEC) meeting in Aso Rock Villa. The President unveiled the redesigned notes across the N200, N500 and N1,000 denominations.
In October, Mr Godwin Emefiele, Governor of the CBN announced the naira redesign policy and as part of effort to achieve it, the apex bank had placed limitation on daily cash withdrawal limits just to gradually phase out the old denominations.
The Apex directed that over-the-counter cash withdrawals by individuals and corporate entities should not exceed ₦100,000 and ₦500,000, respectively, per week.
Emefiele said the redesigning of the local currency would help to mop up the currency outside the banking sector, adding that out of about N3.3 trillion in circulation, close to N2.75 trillion were outside the banking sector.
The new note regime commences, commercial banks confirmed to the press that hey had received the new notes from the CBN a couple of days ago, adding that the redesigned currency would be released to their customers effective 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,” according to a top official of a commercial bank who spoke to ThePunch on condition of anonymity on Wednesday because he was not authorised to speak on the matter.
