Commercial Banks Dispense New Naira Notes

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New Naira Notes
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Customers receive new naira notes at cash registers on December 15, 2022.

Commercial banks in major cities in Nigeria have started dispensing newly redesigned naira notes to over-the-counter customers.

Thursday, Ejes Gist News.  visited banks where customers received newly redesigned naira notes.

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The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, announced on October 26, 2022 that the apex bank will issue redesigned N200, N500, and N1,000 notes on December 15, 2022, with the new and old currencies remaining legal tender and circulating concurrently until January 31, 2023.

President Muhammadu Buhari subsequently unveiled the newly designed notes on Wednesday, November 23, 2022.

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The Peoples Democratic Party (PDP) and some prominent Nigerians, including Governor Godwin Obaseki of Edo State and Pastor Enoch Adeboye of the Redeemed Christian Church of God (RCCG), have criticised the redesign of the naira as lacking an economic basis.

The central bank instructed Deposit Money Banks (DMOs) and other financial institutions to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporations do not exceed N100,000 and N500,000, respectively.

The apex bank said the regulatory directives take effect nationwide from January 9, 2023.

In addition, the CBN capped daily withdrawals from point-of-sale (PoS) and automated teller machine (ATM) terminals at N20,000 and stated that only N200 and lower denominations may be loaded into ATMs.

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The Senate and House of Representatives opposed the policy and asked the central bank to adjust its withdrawal limits, but the CBN stated that the policy cannot be reversed.

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