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CBN distributes new naira notes to banks, to be released to public from Monday

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The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele of Friday said that the newly redesigned Naira notes are already distributed to commercial lenders across the country and are ready for issuance to the general public from Monday.

Emefiele disclosed this while speaking to journalists after he paid a courtesy call on President Mohammadu Buhari at his country home in Daura, katsina state.

He said that the currency redesigns and reintroduced cashless policies were not targeted at anybody but were for the good and development of the Nigerian economy.

The CBN governor urged Nigerians to embrace the various electronic channels available for banking and financial service transactions in Nigeria.

“The newly redesigned N200, N500, and N1,000 banknotes are now in banks and ready for issuance to members of the public.

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“The currency redesign and reintroduced cashless policies are not targeted at anybody but are for the good and development of the Nigerian economy.

”The CBN deferred the cashless policy severally to prepare and deepen Nigeria’s payments system infrastructure,” he said.

Emefiele advised Nigerians to take their old N200, N500, and N1,000 banknotes to the banks before January 31, 2023, deadline.

It, thus, set Dec. 15 as the commencement date for the circulation of the new naira notes, which Buhari unveiled on Nov. 23.

The CBN also, recently, issued a revised cash withdrawal policy, stating that cash withdrawals above N100,000 and N500,000 for individuals and corporate organisations will henceforth attract five percent and 10 percent, respectively.

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