The CBN has continued to advocate for and inform Nigerians about the Re-design of the Naira.
Before the new Naira notes go into circulation in less than a month, the CBN wants Nigerians to be aware of few facts.
In an effort to reduce the amount of currency that Nigerians are carrying around, the CBN announced the redesign of the Naira notes in October.
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In order to get Nigerians ready for the introduction of the new Naira notes, the Central Bank of Nigeria has maintained its preparation efforts.
On Thursday, December 15, 2022, the general public is anticipated to be able to purchase the new Naira notes.
President Muhammadu Buhari has thrown his full support behind the initiative and is urging Nigerians to follow suit.
Naira Re-design: Five Things About the Naira Redesign You Should Know
1. Only high-value currencies are affected by the changes.
Godwin Emefiele, the Governor of CBN, stated in his speech unveiling the new Naira notes that only high-value notes, such as the N200, N500, and N1,000, will be altered.
2. Bank Charges would suspended
To make things simple, the CBN also said that during this time, bank fees on all deposits would be suspended.
The CBN went even farther by eliminating limitations on the amount of cash that Nigerians might deposit in the bank.
Statement from CBN:
“Bank charges for cash deposits are hereby discontinued with immediate effect for this changeover from old to new notes.
As a result, DMBs are to be aware that no bank customer will be charged for cash that is returned to or deposited into their accounts.
More on Naira Re-design: Everything you need to know about the New notes
3. A shelf of old bank notes
The old notes will continue to be in circulation until January 31, 2023, at which point they will no longer be considered legal money, according to CBN, who will start issuing the new notes on December 15, 2022.
4. Bank deposits
Anyone who still has old N200, N500, and N1000 notes must deposit them at the bank, according to Emefiele’s address.
Customers of banks are urged to start depositing existing cash into their accounts so they can withdraw the new banknotes when they go into circulation in mid-December 2022.
5. Longer working hours
In order to allow the general public to deposit money they have on hand, banks are expected to increase the number of days they are open during the week.
In order to accommodate all of the cash that will be returned by their customers, CBN instructed all banks to keep their currency processing centres open from Monday through Saturday.
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