December 16,2022

The Central Bank of Nigeria (CBN)44 will start rolling out the redesigned naira notes of N200, N500 and N1000 through commercial banks on Thursday.

Ripples Nigeria had reported that the old naira notes were redesigned by the central bank in a bid to reduce the currency in circulation and outside the banking system

The governor of the central bank, Godwin Emefiele, had complained that of the N3.3 trillion currency in circulation, Nigerians are hoarding 85 per cent, representing about N2.75 trillion outside Nigerian banks’ vaults.

To mop up the currency in circulation, which will help the financial regulator to rein inflation, Emefiele had announced in October that the redesigned naira will be released on December 15.

Nigeria’s banking industry is made up of about 11 commercial banks, including Guaranty Trust Bank (GTBank), Zenith Bank, Access Bank, First Bank, United Bank of Africa (UBA), Stanbic IBTC, amongst others

 Nigeria understands that the newly redesigned naira notes of N500 and N1000 will be obtained by Nigerians over the counter in the banking halls of these financial institutions

This is due to the directive of the apex bank head to banks that Auto Teller Machines (ATM) should be reconfigured to dispense only N200.

Meanwhile, Ripples Nigeria had reported that the Senate has urged the central bank to increase the threshold of cash withdrawals over the counter, Auto Teller Machines and Point of Sale (PoS).

Two members of the upper Chamber suggested that the individual withdrawal limit should be raised to N500,000, while another said companies should be allowed to withdrawal N3 million

Also, there was complaints about the N20,000 limit on ATM and PoS, with some lawmakers stating that the limit is too small for businesses in informal markets and farmers.