Naira Redesign: Return all banknotes to your banks before expiration of deadline, CBN tells Nigerians

By Sunday Oguntuyi, Osogbo.

Central Bank of Nigeria (CBN) on Thursday, enjoined Nigerians to as matter of policy, return all the current N200, N500, and N1000 banknotes to their banks before the expiration of the deadline.

The Bank also made it clear that the new and existing currencies shall remain legal tender and circulate together until January 31, 2023, when the existing currencies shall cease to be legal tender in Nigeria.

Speaking yesterday at the Central Bank sensitisation, enlightenment and Bank Fair held in Osogbo, Mr, Osita Nwanisobi, Director, Corporate Communications of the CBN also reiterated the need to handle the Naira with care.

Nwanisobi who spoke through the Acting Director, Corporate Communication, CBN Akpama Uket said the Naira remains a symbol of our national pride which must be treated with utmost dignity.

The director also urged Nigerians not to spray, squeeze, or counterfeit the Naira, as default goes with consequences.

According to him “As you all may be aware, the Central Bank of Nigeria, riding on international best practice and Section 2 (b) of the CBN Act 2007, which stipulates currency management as one of its key functions, has announced the plan to redesign, produce, release, and circulate the new series of three banknotes, out of the existing eight banknotes, comprising N200, N500, and N1000 denominations, respectively, effective 15th December 2022; after its launch by President Muhammadu Buhari.”

He posited that “the new and existing currencies shall remain legal tender and circulate together until January 31, 2023, when the existing currencies shall cease to be legal tender in Nigeria. While Deposit Money Banks (DMBS) 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.”

Nwanisobi equally noted that CBN, in a bid to promote economic growth development, conducts sensitization programmes, such as the CBN Fair annually, in virtually all states in the six-geopolitical zones of the country.

He said Sixteen states have so far been covered from January to date to create awareness on the Bank’s interventions.

The Director stressed that “some of the Bank’s interventions which have recorded significant successes in providing the needed support for businesses to grow include the Anchor Borrowers Programme (ABP); the Micro, Small and Medium Enterprises Development Fund (MSMEDF), which has supported entrepreneurship development with over N39.26 million.

Also “the Real Sector Support Facility (RSSF) through Differentiated Cash Reserve Ratio (DCRR), where disbursements to 426 projects across the country stood at N2.10 trillion as at September 2022; and the 100 for 100 Policy on Production and Productivity (PPP) with cumulative disbursement of N93.39 billion to 62 projects within the aforementioned period. Others include the Tertiary Institutions Entrepreneurship Scheme (TIES), which has recorded total disbursement of N332.43 million; the Healthcare Sector Intervention Facility (HSIF) with cumulative disbursement of N130.54 billion for 131 projects, comprising 32 pharmaceuticals, 60 hospitals, and 39 other services.”

He posited also that while the CBN will continue to refine, fine-tune and upgrade the platform with additional functionalities in the near term he said the eNaira has recorded over 700,000 transactions worth about N8 billion within its firstyear (October 2021 – October 2022).

He stressed that 31 banks have been fully integrated and are live on the platform. In addition to the foregoing, over one million customers have been onboarded while over 3,305 merchants have successfully registered on the eNaira platform across the country.

Nwanisobi pointed out that Mr. Godwin Emefiele, and his team are resolute in steering the ship of Nigeria’s economy to prominence saying the focus of the Bank is macroeconomic stability – which entails building a strong, stable, and resilient economy that is self-sustaining and able to weather unanticipated shocks.

Also speaking at the event in his welcome address, the CBN Branch controller, Osogbo Mrs Daphne Madojemu said the programme aimed to sensitise Nigerians on the activities of the Bank in promoting the country’s economic stability.

The controller who was represented by Acting Branch controller, Osogbo, Mr, Anthony Okoro noted that this year’s CBN Fair was unique because it was informative and well articulated on all the bank’s policies especially on the newly introduced electronic Naira and the plan to redesign some of the bank’s notes.