Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele said President Muhammadu Buhari will unveil the redesigned naira notes on Wednesday, November 23.
Emefiele made this known during the apex bank’s Monetary Policy Committee monthly meeting in Abuja.
The CBN governor said the bank decided not to wait till the initial Thursday, December 15 date of unveiling the redesigned naira notes.
Emefiele explained that the early unveiling will help hasten the phasing out of the existing naira notes.
“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,” Emefiele said.
“For information, indeed, we are no longer waiting till December 15th to unveil and begin to release the new notes.
The existing notes would seize to be regarded as legal tender by January 31, 2023.
0Naira Redesign: CBN Has Received N165bn Worth of Old Notes
The Central Bank of Nigeria has disclosed that it has received over N165bn since it made a call to Nigerians to deposit old Naira notes.
President Muhammadu Buhari unveiled the newly designed N200, N500 and N1000 today, November 23, before the commencement of the Federal Executive Council meeting.
CBN’s Director of Currency Mr Rasheed Adams, who spoke at a post briefing of the Monetary Policy Committee (MPC) meeting in Abuja on Wednesday, said the figure is far beyond the total receipts it expects, one month after the announcement was made.
He also noted that in spite of some waivers by the apex bank on deposits, just a few Nigerians have come forward. He reiterated that there will be no extension on the January 23rd, 2023 deadline.
According to the Central Bank of Nigeria, a total of N2.7 trillion is currently outside the banking system.
by Linda Ikeji at 23/11/2022 12:10 PM
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