ALL YOU NEED TO KNOW ABOUT THE NEW NIGERIAN NAIRA BANKNOTES
Chanelle Microfinance Bank Ltd.
A microfinance bank aimed at helping individuals and businesses create wealth opportunities in their financial pursuits.
On 26 October 2022, the Central Bank of Nigeria (CBN) made an exciting announcement: the launch of new ?200, ?500, and ?1000 banknotes! The new Naira banknotes are set to start circulation on 15 December 2022 and will be in use alongside existing banknotes until the CBN deadline of 31 January 2023.
This new banknote redesign is a great opportunity for the Nigerian economy, as it will introduce security features to make the banknotes more secure and durable. It also features updated designs to reflect Nigeria’s rich culture and diversity. For the Nigerian public, this means that you should start familiarizing yourself with the new banknotes. Keep an eye out for them in your local stores, ATMs, and banks. You can also find information about the new notes on the CBN website.
Don’t forget that all existing banknotes will remain legal tender until 31 January 2023. After this date, the CBN will no longer accept the old notes. So, start swapping your old banknotes for new ones now!
We understand that this transition may be confusing at first, but don’t worry! The CBN has your back. We’re here to answer any questions that you may have about the new banknotes. We hope you enjoy the new banknotes!
Why is this redesign happening??
The Central Bank of Nigeria (CBN) is taking steps to ensure the security and circulation of the Naira banknotes in an effort to combat its hoarding.
The CBN has stated that as of September 2022, data show that N2.73 trillion of the N3.23 trillion in circulation is being held by the public and not in the banks. This is causing a shortage of clean and fit Naira banknotes in circulation and has also led to a rise in counterfeiting. In order to tackle these issues, the CBN is introducing a redesign of the Naira banknotes.
This redesign will include new security features such as a holographic strip and a watermark. These features will help to reduce counterfeiting and ensure that the Naira banknotes in circulation are secure. The CBN is also appealing to the public to spend their money and not hoard it. It is important for the public to understand the importance of circulating the Naira banknotes for the economy to thrive.
The CBN is also encouraging members of the public to keep their Naira banknotes safe and secure, and to watch out for counterfeits. We urge everyone to spread the word about the CBN's announcement and help keep the Naira banknotes secure.
When will the new Naira banknotes be released?
The new Naira banknotes of N200, N500, and N1000 will begin circulation on December 15, 2022.
Does it mean the old Naira banknotes will be invalid from December 15, 2022?
No, they will not. New and existing Naira banknotes will circulate together. Both are legal tender, meaning they are accepted as a medium of exchange when purchasing goods and services.
Can I return Naira banknotes to banks immediately?
Yes. You can pay these Naira banknotes directly to your bank account. However, the new Naira banknotes can only be withdrawn when the central bank starts issuing them on December 15.
Will cash deposits cost more because I am returning a lot of cash?
To facilitate this practice, bank fees for cash deposits were immediately suspended. This means you can deposit as much as you want without bank fees.
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When is the deadline to return Naira banknotes??
You have been given till the 31st of January 2023 to return existing N200, N500, and N1,000 Naira banknotes.
What does it mean for my business?
1.???Beware of fraudsters who may want to make large purchases using fake currency. Check the Naira banknotes carefully to make sure they are not fake.
2.???If you run a business in an area that is far from a bank, try as much as possible to make a cash deposit on time to avoid deadlines and crowds.
3.???Communicate this information to your customers to enable their awareness and act fast.
4.???Try as much as possible to make use of digital banking like USSD, mobile apps, and internet banking to pay your bills instead of carrying a lot of cash.
5.????Get a POS to accept card payments for your business and enable faster customer service
IMPORTANT NOTICE
The present N200, N500, and N1000 banknotes remain legal tender. They can’t be rejected when used to purchase goods and services until after the 31st of January, 2023.
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