Godwin Emefiele, the governor of the Central Bank of Nigeria, CBN, on Tuesday, November 22, 2022, said President Muhammadu Buhari will unveil newly designed N1,000, N500, and N200 notes on Wednesday, November 23, 2022.
Emefiele made this known during the apex bank’s Monetary Policy Committee monthly meeting in Abuja.
According to him, the CBN won’t shift its deadline for all old notes to be returned to commercial banks in exchange for newly designed ones.
The CBN MPC also hiked monetary policy to 16.5% from 15.5% while all other parameters remained unchanged.
Emefiele had on October 26, 2022, said the apex bank will issue redesigned N200, N500, and N1,000 notes, effective December 15, 2022, while the new and existing currencies will remain legal tender and circulate together until January 31, 2023.
However, he made a U-turn on Tuesday, saying the CBN won’t wait till December 15 anymore as the President will unveil the new notes on Wednesday.
The bank chief said, “100 days is enough for any person from any part of Nigeria to deposit his money in the bank and get his money when the new notes are released.
“For information, indeed, we are no longer waiting till December 15th to unveil and begin to release the new notes.
“By the special grace of God, tomorrow, which is the 23rd of November 2022, the President has graciously accepted to unveil the new currencies and the new currencies will be unveiled tomorrow at the Federal Executive Chamber by 10am.”
CBN Directs Banks To Open Offices On Saturday To Handle Naira Deposits
The Central Bank of Nigeria, CBN, has instructed commercial banks in the country to work on Saturdays till January 31, 2023, to enable customers return existing naira notes.
The CBN had announced plans to redesign the N200, N500, and N1,000 banknotes, and release the new notes by December 15, 2022.
Speaking at the CBN fair in Ilorin, Kwara State capital, on Thursday, November 17, 2022, the CBN Director, Corporate Communications Department, Osita Nwasinobi, said that the new and existing notes shall remain legal tender until January 31, 2023, when the existing notes shall cease to be legal tender.
The CBN fair has as its theme, “Promoting financial stability and economic development.”
Represented by acting director, Corporate Communications, CBN, Akpama Uket, the director said that
Deposit Money Banks have been directed to immediately start returning the existing currencies to the CBN.
“They have also been instructed to receive the existing banknotes beyond the threshold stipulated by the Cashless Policy without charges to customers.
“Consequently, you must return all the current N200, N500, and N1,000 banknotes to your bank before the expiration of the deadline,” he said.
Meanwhile, the CBN warned Nigerians of the consequences of mishandling naira notes, saying, “Let me also reiterate the need to handle the naira with care. The naira remains a symbol of our national pride. Treat it with utmost dignity.
“Do not spray, squeeze or counterfeit the naira, as default goes with consequences.”
Buhari Disowns Finance Minister, Says ‘CBN Has My Full Backing’ On Naira Redesign
President Muhammadu Buhari on Sunday, October 30, 2022, said that the decision of the Central Bank of Nigeria, CBN, to launch new designs and replace high-value Naira notes has his support.
President Buhari in a statement by his Senior Special Assistant on Media and Publicity, Mallam Garba Shehu said he was convinced that the nation will gain a lot by doing so.
Speaking in a Hausa radio interview with the famous journalist Halilu Ahmed Getso, and Kamaluddeen Sani Shawai to be aired Wednesday Morning on Tambari TV on Nilesat, President Buhari said reasons given to him by the CBN convinced him that the economy stood to benefit from a reduction in inflation, currency counterfeiting and the excess cash in circulation.
He said he did not consider the period of three months for the change to the new notes as being short.
According to him, ”People with illicit money buried under the soil will have a challenge with this but workers, businesses with legitimate incomes will face no difficulties at all.”
The statement further said that President Buhari In the interview, also addressed issues of food security and national security, among others.