CBN to launch new naira note designs December; suspends deposit charges


“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."

The Central Bank of Nigeria says it has redesigned all major naira notes and will by December 2022 start circulating them.

The affected denominations are N100, N200, N500, and N1000.

The CBN governor, Godwin Emefiele, announced this at a press briefing on Wednesday. He said the notes were redesigned following a request from the federal government.

The last time the bank redesigned the naira was in 2014 when it changed the design of the 100 naira note to commemorate Nigeria’s centenary.

“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,” he said.

According to the governor, the CBN has finalised arrangements for the new currency to begin circulation from December 15, 2022.

He said the new and existing currencies will remain legal tender and circulate together until January 31, 2023 when the existing currencies shall cease to be legal tender.



He also said all commercial 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,” he said.

“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 their currency processing centers open from Monday to Saturday so as to accommodate all cash that will be returned by their customers.”

He said for the purpose of this transition from existing to new notes, bank charges for cash deposits are hereby suspended.

However, deposits above N150,000 will still attract charges.

“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,” Mr Emefiele said.

https://www.premiumtimesng.com/business/business-news/561816-cbn-to-launch-new-naira-designs-december-suspends-deposit-charges.html

Seun, Nlfpmod, lalasticlala, Mynd44, justwise

really

Dundalk:
really

Yup.. it was on 9 O'clock news too

Before politics confuses the merits of the policy

Let everyone, especially the indomie generation who have not witnessed this kind of policy know that this is not a new policy and definitely not unexpected by those who had witnessed such in the past.

In my opinion, the real reason is to catch those with illicit funds outside the financial system although the report that over 80% of physical cash in circulation is outside the bank vaults necessitating need to mop it up to control oversupply and inflation.

I know politicians are the easy pick to blame because it is campaign season that they share stolen money but so far, it has proven that corrupt civil/ public servant is the worst culprit. In fact, the level of corruption linked to corrupt civil servant in FG, State and LGA civil service is mindboggling.

The good news is that so much is going on in Nigeria and so fast paced that many folks will be shut out and cry for their ignorance, folly , negatiivity and pessimism on national affairs. Banks will also make some money.

I just learnt one lesson recently; a document that one could easily get before now requires NIN and clearance from a database linked to another national database.

From drug money to terrorism financing funds to oil bunkering/theft money to ransom money to forex manipulators to corrupt politicians/civil servants to undocumented repatriated funds/undisclosed financial assets to internet fraudsters etc. this policy will force them to bring out the money into the system to be trailed by tracking.

This is the last leg to lure holders of illicit funds into the mainstream finance system to get caught or they lose all their illicit wealth. The timing is also good. I support Mr Emefiele on this.
Those who have nothing to fear should calm down.
God bless Nigeria for ever!
check my signature for free stuffs!

FreeStuffsNG:
Before politics confuses the merits of the policy

Let everyone, especially the indomie generation who have not witnessed this kind of policy know that this is not a new policy and definitely not unexpected by those who had witnessed such in the past.

In my opinion, the real reason is to catch those with illicit funds outside the financial system although the report that over 80% of physical cash in circulation is outside the bank vaults necessitating need to mop it up to control oversupply and inflation.

I know politicians are the easy pick to blame because it is campaign season that they share stolen money but so far, it has proven that corrupt civil/ public servant is the worst culprit. In fact, the level of corruption linked to corrupt civil servant in FG, State and LGA civil service is mindboggling.

The good news is that so much is going on in Nigeria and so fast paced that many folks will be shut out and cry for their ignorance, folly , negatiivity and pessimism on national affairs. Banks will also make some money.

I just learnt one lesson recently; a document that one could easily get before now requires NIN and clearance from a database linked to another national database.

From drug money to terrorism financing funds to oil bunkering/theft money to ransom money to forex manipulators to corrupt politicians/civil servants to undocumented repatriated funds/undisclosed financial assets to internet fraudsters etc. this policy will force them to bring out the money into the system to be trailed by tracking.

This is the last leg to lure holders of illicit funds into the mainstream finance system to get caught or they lose all their illicit wealth. The timing is also good. I support Mr Emefiele on this.
Those who have nothing to fear should calm down.
God bless Nigeria for ever!
check my signature for free stuffs!

You talk as if you were born yesterday.. this is Nigeria

FreeStuffsNG:
Before politics confuses the merits of the policy

Let everyone, especially the indomie generation who have not witnessed this kind of policy know that this is not a new policy and definitely not unexpected by those who had witnessed such in the past.

In my opinion, the real reason is to catch those with illicit funds outside the financial system although the report that over 80% of physical cash in circulation is outside the bank vaults necessitating need to mop it up to control oversupply and inflation.

I know politicians are the easy pick to blame because it is campaign season that they share stolen money but so far, it has proven that corrupt civil/ public servant is the worst culprit. In fact, the level of corruption linked to corrupt civil servant in FG, State and LGA civil service is mindboggling.

The good news is that so much is going on in Nigeria and so fast paced that many folks will be shut out and cry for their ignorance, folly , negatiivity and pessimism on national affairs. Banks will also make some money.

I just learnt one lesson recently; a document that one could easily get before now requires NIN and clearance from a database linked to another national database.

From drug money to terrorism financing funds to oil bunkering/theft money to ransom money to forex manipulators to corrupt politicians/civil servants to undocumented repatriated funds/undisclosed financial assets to internet fraudsters etc. this policy will force them to bring out the money into the system to be trailed by tracking.

This is the last leg to lure holders of illicit funds into the mainstream finance system to get caught or they lose all their illicit wealth. The timing is also good. I support Mr Emefiele on this.
Those who have nothing to fear should calm down.
God bless Nigeria for ever!
check my signature for free stuffs!

What if they convert their naira to dollars then after the new naira is fully in circulation, they convert it back to the new naira?

HenryWilliams:



You talk as if you were born yesterday.. this is Nigeria

Please go and commit financial crime first then come back and tell us here how sweet and pleasant it was.

You see that nonsense "this is Nigeria" remark, guys like you have used it to ruin a lot of people's lives and careers. You urge them on and when they get caught, folks like you are the first to abandon them to their fate. Next time you want to destroy someone with it, make sure you join the person to break that law o so both of you can swim in the aftermath together.
Just today, names of forex defaulters came out in an era of bvn and nin yet some naive folks will not understand the implication. smh.

Tianamen1:


What if they convert their naira to dollars then after the new naira is fully in circulation, they convert it back to the new naira?

Go and convert your illicit naira to dollars then convert to new naira and let us see first.

FreeStuffsNG:


Please go and commit financial crime first then come back and tell us here how sweet and pleasant it was.

You see that nonsense "this is Nigeria" remark, guys like you have used it to ruin a lot of people's lives and careers. You urge them on and when they get caught, folks like you are the first to abandon them to their fate. Next time you want to destroy someone with it, make sure you join the person to break that law o so both of you can swim in the aftermath together.
Just today, names of forex defaulters came out in an era of bvn and nin yet some naive folks will not understand the implication. smh.


Go and convert your illicit naira to dollars then convert to new naira and let us see first.

I am not against the policy. I am not even in Nigeria and do not have any illicit Naira. I am just wondering how the system will stop this. Will the government force bureau du change operators to give out the information of people they sell dollars too? I am only curious

Tianamen1:


I am not against the policy. I am not even in Nigeria and do not have any illicit Naira. I am just wondering how the system will stop this. Will the government force bureau du change operators to give out the information of people they sell dollars too? I am only curious

If you are not in Nigeria then read up on the state of bdc operation at the moment. For months, cbn has officially stopped giving them forex and if they move illicit funds through the bank to lodge in the naira, their bankers will be culpable as well if not flagged.

The incentive to collect naira by the bdc guy will diminish except the naira provider is willing to forgo significant portion. A lot of bdc guys are in serious troubles since the advent of bvn, gsi and their involvement in terrorism financing has killed the privileges they used to enjoy.

The BDC option is not safe as well for huge funds except the guy wants to collect the naira and keep at home and away from nfiu, firs, efcc, cbn etc.

Huge Funds going into banks now can be trailed as the bdc must provide the source.If the banker waves it, he or she is playing with serious fire.

In as much as I like this news, some things are still not convincing enough.
Part of it are that: Did the cbn put in place how the local banks can be sincere with the apex bank and to Nigerians when dealing with people whose bout million of Nigeria cash are with them, like the guy mentioning Nigeria factor had said?
Cos I know how some banks itself can perpetrate and support laundering especially when it has to do with lots of funds.
2. What if my money is already floated across several banks, do I still need to worry of moving the money to banks, instead I go just wait and start withdrawing to the new designs.
Somebody once told me that if you have huge funds in your bank ,then Yu b boss for the bank cos you wants to withdraw it bankers go just dey beg you all around.

Is that our major problem as a country now?