CBN redesigns the Naira notes and to introduce them December 15.

The Central Bank of Nigeria has made the Naira makeover announcement. At a news conference in Abuja, the CBN Governor, Godwin Emefiele said that the new Naira notes would impact the highest denominations, namely: 200, 500 and 1000 notes

The new naira notes will be in use starting on December 15, according to Emiefele, who claimed that the step was done to regulate the currency in circulation.

According to Emefiele, “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-First-serve 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.

Following the announcement, commercial banks have begun making arrangements and informing their customers about the new notes and what to do to get them. For, instance, one of the leading banks, UBA Plc, in a notice sent to their account holders said, “to help you through this transition we have put together a number of points to guide you.

“Preparing yourself for transition to the new naira notes design

1. Start depositing your existing naira notes into a UBA branch closest to you.
2. Don’t panic, we are adjusting our branch opening hours for your convenience. We will open Saturday (Cash deposit only) from 10am to 2pm.
3. Zero charges will apply for all cash deposits
4. Have your debit card handy for payments on POS terminals
5. If you do not have a digital channel, please download the New UBA Mobile app from your App Store, or access one of our other channels – Leo, Internet Banking, *919# for your transactions.

Remember, present notes can still be used for the purchase of goods and services until cut-off date in January”, the bank said.