Newsroom Nigeria
  • Home
  • About Us
  • Advert Rates
Wednesday, October 4, 2023
  • Login
Advertisement
  • Home
  • News
  • Business
  • Politics
  • Sports
  • Entertainment
No Result
View All Result
  • Home
  • News
  • Business
  • Politics
  • Sports
  • Entertainment
No Result
View All Result
Newsroom Nigeria
No Result
View All Result

WHY WE ARE REDESIGNING THE NAIRA – CBN GOVERNOR

Members of the public are to please note that the present notes remain legal tender and should not be rejected as a means of exchange for purchase of goods and services.

Newsroom Nigeria by Newsroom Nigeria
October 26, 2022
Reading Time: 4 mins read
WHY WE ARE REDESIGNING THE NAIRA – CBN GOVERNOR
Share on FacebookShare on Twitter

*PRESS REMARKS BY CBN GOVERNOR,  MR. GODWIN EMEFIELE ON ISSUANCE OF NEW NAIRA BANKNOTES

Good afternoon Ladies and Gentlemen, and welcome to this special press briefing of the Bank. We have called
this gathering to inform relevant stakeholders and the general public of persisting concerns we are facing with
the management of our current series of banknotes, and currency in circulation, particularly those outside the banking system in Nigeria.

As you all may be aware, currency management is a key function of the Central Bank of Nigeria, as enshrined
in Section 2 (b) of the CBN Act 2007. Indeed, the integrity of a local legal tender, the efficiency of its supply, as well
as its efficacy in the conduct of monetary policy are some of the hallmarks of a great Central Bank.

This Might Also Interest You

Meter Manufacturers Withdraw Court Case Against FG

FG CALLS FOR EFFECTIVE IMPLEMENTATION OF ALL LAWS ON  GENDER- BASED VIOLENCE 

Tinubu Unfolds New Agenda on Anti-Corruption,  Commends EFCC 

OAU STUDENTS PROTEST SLASHED FEE, WRITE TO BANKS TO HALT ACCEPTING PAYMENT

In recent times, however, currency management has faced several daunting challenges that have continued to
grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN
and the country. These challenges primarily include:
▪ Significant hoarding of banknotes by members of the public, with statistics showing that over 80 percent of currency in circulation are outside the vaults of commercial banks;
▪ Worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability;
▪ Increasing ease and risk of counterfeiting evidenced by several security reports.

Indeed, recent development in photographic technology and advancements in printing devices have
made counterfeiting relatively easier. In recent years, the CBN has recorded significantly higher rates of counterfeiting especially at the higher denominations of N500 and N1,000 banknotes.

Although global best practice is for central banks to redesign, produce and circulate new local legal tender
every 5–8 years, the Naira has not been redesigned in the last 20 years.

On the basis of these trends, problems, and facts, and in line with Sections 19, Subsections a and b of the
CBN Act 2007, the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to
redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels.

In line with this approval, we have finalized arrangements for the new currency to begin circulation
from December 15, 2022. The new and existing currencies shall remain legal tender and circulate together until January 31, 2023 when the existing currencies shall seize to be legal tender.

Accordingly, all Deposit Money Banks currently holding the existing denominations of the currency may
begin returning these notes back to the CBN effective immediately.

The newly designed currency will be
released to the banks in the order of First-come-Firstserve basis.

Customers of banks are enjoined to begin paying into their bank accounts the existing currency to enable them
withdraw the new banknotes once circulation begins in mid-December 2022.

All banks are therefore expected to
keep open, their currency processing centers from Monday to Saturday so as to accommodate all cash that
will be returned by their customers.

For the purpose of this transition from existing to new notes, bank charges for cash deposits are hereby suspended with immediate effect.

Therefore, DMBs are to note that no bank customer shall bear any charges for
cash returned/paid into their accounts.

Members of the public are to please note that the present notes remain legal tender and should not be
rejected as a means of exchange for purchase of goods and services.

We would like to use this opportunity to reassure the general public that the CBN would continue to monitor both the financial system in particular, and the economy in general, and always act in good faith for the achievement
of the Bank’s objectives and the betterment of the country.

I thank you for listening.

Godwin Emefelie
Governor

Previous Post

LAWAL, KWARA SDP CANDIDATE LEADS IN ONLINE POLL, AS WOMEN GROUPS PLEGDE MORE SUPPORT

Next Post

LAGOS, FG FIGHT OVER SALE OF TBS, 25 KEY ASSETS

Related Posts

Meter Manufacturers Withdraw Court Case Against FG
News

Meter Manufacturers Withdraw Court Case Against FG

October 4, 2023
FG CALLS FOR EFFECTIVE IMPLEMENTATION OF ALL LAWS ON  GENDER- BASED VIOLENCE 
Life and Style

FG CALLS FOR EFFECTIVE IMPLEMENTATION OF ALL LAWS ON  GENDER- BASED VIOLENCE 

October 4, 2023
Tinubu Unfolds New Agenda on Anti-Corruption,  Commends EFCC 
News

Tinubu Unfolds New Agenda on Anti-Corruption,  Commends EFCC 

October 4, 2023
OAU STUDENTS PROTEST SLASHED FEE, WRITE TO BANKS TO HALT ACCEPTING PAYMENT
Education/Human Capital

OAU STUDENTS PROTEST SLASHED FEE, WRITE TO BANKS TO HALT ACCEPTING PAYMENT

October 3, 2023
Sterling Convenes Technology’s Brightest For Improved Cybersecurity
BANKING

Sterling Convenes Technology’s Brightest For Improved Cybersecurity

October 3, 2023
STRIKE: GOVERNMENT MEETS LABOUR, PROMISES TO PAY N75,000 TO 15 MILLIONS HOUSEHOLDS
News

STRIKE SUSPENDED AS GOVERNMENT GRANTS “N35,000 WAGE AWARD” TO WORKERS, PENDING NEW MINIMUM WAGE

October 3, 2023
Next Post
LAGOS, FG FIGHT OVER SALE OF TBS, 25 KEY ASSETS

LAGOS, FG FIGHT OVER SALE OF TBS, 25 KEY ASSETS

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Meter Manufacturers Withdraw Court Case Against FG

Meter Manufacturers Withdraw Court Case Against FG

October 4, 2023
FG CALLS FOR EFFECTIVE IMPLEMENTATION OF ALL LAWS ON  GENDER- BASED VIOLENCE 

FG CALLS FOR EFFECTIVE IMPLEMENTATION OF ALL LAWS ON  GENDER- BASED VIOLENCE 

October 4, 2023
REFORM PAINS: “LOW GRADE WORKERS” TO GET N25,000 PAY RAISE – TINUBU

OPINION: DO NIGERIAN LEADERS READ?

October 4, 2023
Tinubu Unfolds New Agenda on Anti-Corruption,  Commends EFCC 

Tinubu Unfolds New Agenda on Anti-Corruption,  Commends EFCC 

October 4, 2023
OAU STUDENTS PROTEST SLASHED FEE, WRITE TO BANKS TO HALT ACCEPTING PAYMENT

OAU STUDENTS PROTEST SLASHED FEE, WRITE TO BANKS TO HALT ACCEPTING PAYMENT

October 3, 2023
  • Home
  • About Us
  • Advert Rates

© 2022 Newsroom Nigeria is published by Newsroom Communication Services, a Media and Communication Company.

No Result
View All Result
  • Home
  • News
  • Business
  • Politics
  • Sports
  • Entertainment

© 2022 Newsroom Nigeria is published by Newsroom Communication Services, a Media and Communication Company.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In