The New Naira: What you should know and do

The New Naira: What you should know and do

There are several facts regarding the program that all Nigerians should be aware of as the government supports CBN’s naira redesign policy.

Here are some things to be aware of, based on information from the CBN and the Chartered Institute of Bankers of Nigeria (CIBN).

Reasons For New Banknotes

In order to combat the problem of rising inflation, which reached a 17-year high in September 2022, this will aid in limiting the amount of money in circulation and tightening the money supply.

With more than 80% of the world’s currency in circulation outside of commercial banks’ vaults, it will solve the issue of public hoarding of banknotes.

It is intended to address the growing lack of crisp, functional banknotes.

It is also intended to address the problem of counterfeit Naira notes, which have been documented by numerous publications.

Additionally, it will lessen the likelihood of terrorism and kidnapping because fewer people will have access to enormous sums of money that can be used as ransom.

It is created to develop CBN’s drive to entrench a cashless economy and financial inclusion (Banking the unbanked)

Finally, it is an economic mechanism to strengthen the naira.

CBN will change the current N200, N500, and N1000 currency denominations to new currency notes.

The new currency notes will go into circulation on December 15, 2022.

The old Naira notes will cease to be legal tender by January 31, 2023.

Banks have been advised to keep all their deposit centers open from Monday to Saturday going forward for collections.

There are no restrictions to how much individuals or corporate entities can deposit and no bank customer shall bear any charges for cash returned/paid into their accounts during the implementation.

New cashless policy to be announced in January 2023.

What you need to do

Visit your nearest bank branch to deposit all old banknotes (N200, N500, and N1000)

If you do not have a bank account, visit the nearest bank branch of your choice to open one and deposit all old banknotes (N200, N500, and N1000).

Perform normal bank transactions with your bank app or USSD.