New naira notes

Nigerians are anticipating getting the new Naira notes officially hitting circulation today, Thursday, December 15, 2022.

- GTCO was the most active stock on Wednesday as it traded 10.2 million units, followed by Zenith Bank, which sold 9.8 million units. Data showed that Red Star Express recorded the highest price improvement on Wednesday as it gained 9.71 per cent to sell at N2.26. When the closing gong sounded, AG Mortgage Bank Plc remained the most traded stock by volume on a year-to-date basis, with the sale of 2.3 billion units worth N1.2 billion. This is a 48.52 basis points increase when compared to 17.76 per cent recorded in October 2022. This is expected amid headwins faced from the impact of flooding which hit more than 30 states in the federation as well as the ripple effect of global shocks on supply chain. To address this issue, the Naira was redesigned.

The higher denominations of the local currency were redesigned by the Central Bank of Nigeria (CBN) after obtaining approval from President Buhari. The action, ...

To address this issue, the Naira was redesigned. [Brand Spur Nigeria](https://brandspurng.com/) reports that last month, precisely on November 23, President Muhammadu Buhari unveiled the newly redesigned N200, N500, and N1,000 banknotes at the State House in Abuja. Business Owners Devise Means To Limit Intake Of Old Notes As New Naira Notes Hit Circulation Today

The newly redesigned naira notes will go into circulation on Thursday (today) as Deposit Money Banks (DMBs) are to commence releasing the notes to their ...

An official of FCMB in Lagos state stated that, “The amount given to us is small compared to what we need. A top official of a commercial bank said that, “We got the new naira notes about two days ago. There are different electronic channels that people should be using,” he added. It came in some days ago but it will be made available to customers from tomorrow (Thursday).” According to them, most over-the-counter payments will still have to be using the old naira notes because the amount of the available new notes is still small. However, some bank officials claimed that the amount of the new notes available to the various bank from the CBN was small.

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

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A 31 January deadline has been set by which Nigerians have to trade-in the old banknotes.

The elections are due in February. Nigeria’s central bank had said more than 80% of the money in circulation was being hoarded by individuals. • Nigeria’s central bank had said more than 80% of the money in circulation was being hoarded by individuals.

The newly redesigned naira notes will be released into circulation on Thursday (today). This is according to the Governor, Central Bank of.

“The amount given to us is small compared to what we need. It came in some days ago but it will be made available to customers from tomorrow (Thursday).” This is nothing compared to what we need. “We got the funds (new notes) about two days ago. The newly redesigned naira notes will go into circulation Today (Thursday). My branch will pick up our allocation at a nearby area office.

*In line with the Central Bank of Nigeria's Naira redesign policy, commercial banks Thursday, December 15, 2022, begin the release of new notes into ...

“Don’t expect that there will be a large circulation of the new notes in the economy. Most OTC payments will still have to be made using the old notes because the amount of the available new notes is still little, said the bank officials. Amid the release of new Naira notes into circulation, some bank officials have claimed the amount of the new notes available to the various bank from the CBN is yet comparatively small, according to report. Meanwhile, top officials of commercial banks have confirmed they received the new Naira notes from the Central Bank of Nigeria a couple of days ago. An official of Polaris Bank, who pleaded anonymity also disclosed “the new notes have arrived, it will be made available to customers from tomorrow (Thursday).” *In line with the Central Bank of Nigeria’s Naira redesign policy, commercial banks Thursday, December 15, 2022, begin the release of new notes into circulation in the economy

The long-awaited day is finally here. Today, December 15, 2022, the Central Bank of Nigeria (CBN), under Godwin “Meffy” Emefiele's orders, will publicly ...

Because I’m not ready to buy fish by the roadside and have to start explaining that the new denominations are legit. I’ll probably give them the new notes and tell them about the new policy. I don’t want to be fully dependent on the new notes because I don’t know if they’ll be generally accepted. I just don’t use cash much but for the people who pack my dirt and clean my office, I pay them in cash. Naira is useless, so I’ll basically spend them lol. So to be safe, I’ll definitely not spend them until next year when I’m certain that’s what everyone is using. But I think I’ll still use the old naira notes until they’re completely phased out. How are we sure that when the new notes get dirty and start fading they won’t look like what we currently have? On what I’m going to do with the new notes? You may offer someone the new notes and they’ll say they want the old one. Besides, there’s no difference between the old and new notes — just shades of colour. The notes are average.

Aside dis newly redesigned bank notes, di apex bank also introduce new weekly cash withdrawal limit. From January, dem say customers go only fit withdraw a ...

CBN say dem wan reduce di amount of cash wey dey in circulation. Di notes wey currently dey in circulation na ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500, ₦1000. Foto of Nigeria naira notes wey currently dey in circulation

Residents of Ibadan, the Oyo State capital, today besieged banks' Automated Teller Machines, ATM points with excitement to withdraw new naira notes but were ...

“ “One of the residents said, “Am not surprised this is Nigeria, the apex bank that promised the new naira notes in circulations today had failed because this is almost noon and am yet to receive new notes.” Some customers at the ATM point who were anxious to withdraw new notes alleged that commercial banks were hoarding the new notes.

A senior bank executive said: “Most banks have started to reconfigure their ATMs so that they can identify the new N1000, N500 and N200 notes.” Meanwhile, the ...

[Muhammadu Buhari](https://nnn.ng/tag/muhammadu-buhari/) unveiled the new bills at a weekly meeting of the Federal Executive Council at Aso Rock Villa. [](https://nnn.ng/bet9ja/#bte9ja) [](https://nnn.ng/hausa/#=naija com hausa) [](https://nnn.ng/i/#=ip shortner) Withdrawals from PoS terminals were also limited to N20,000 daily. It arrived a few days ago but it will be available to customers starting tomorrow (Thursday)”. [y](https://nnn.ng/videodownload/youtube-downloader/) redesigned naira notes will enter circulation on Thursday with Deposit Money Banks releasing the notes to their customers via cash pickup. There are different electronic channels that people should use.” This is nothing compared to what we need. “The amount they gave us is small compared to what we need. My branch will pick up our assignment at an office in the nearby area. [First Bank Plc](https://nnn.ng/new-naira-notes-enter-circulation-today/#First Bank Plc) [Polaris Bank](https://nnn.ng/new-naira-notes-enter-circulation-today/#Polaris Bank) [Central Bank](https://nnn.ng/new-naira-notes-enter-circulation-today/#Central Bank)

As the newly redesigned naira notes commence circulation on Thursday, financial experts worried that there may be an artificial scarcity of the new.

[On] the issue of the availability of the new notes, Nigerians should not lose their sleep over it, no need for panic,” he stated. He said: “There is bound to be teething problems as the ATMs must be configured to accommodate the new notes. “No matter how perfect the situation is, there is always room for improvement.

Aside from these newly redesigned banknotes, banco di apex also introduced a new weekly cash withdrawal limit. As of January, dem says that customers can only ...

Wetin we call dis photo, Wia dis photo comes from, CBN Wia this photo comes from, Wia dis foto from, Gett

The newly redesigned naira notes are now in officially in circulation as from today, Thursday 15th of December, 2022 with Deposit Money Banks releasing the ...

Though several criticisms have trailed the announcement and unveiling of the notes as well as the deadlines on the old notes, the Governor of the Central Bank of Nigeria, Godwin Emefiele had said there was no backtracking on the withdrawal of the old notes and unveiling of the new notes. The newly redesigned naira notes are in the N200, N500 and N1,000 denominations. Nigeria’s newly redesigned naira notes are now in circulation as Deposit Money Banks today began dispensing the bills to their customers through over-the-counter payments.

As the new naira notes go into circulation, DEBORAH DAN-AWOH, UTHMAN SALAMI and JOSEPHINE OGUNDEJI get reactions from Nigerians on the redesigned currency.

He noted, “In terms of the timing, it will slow down economic activities. “It will help curtail the circulation of excessive cash and reduce the public display of naira notes at parties and events,” she enthused. The second way is that every dollar transaction or we can say the bulk of the transactions will be changing dollars to naira,” he argued. It might also drive naira appreciation in the short term which is not sustainable.” The PUNCH correspondents went to different banks to get the reactions of customers to the introduction of the new notes. It is like they want to reduce the money in circulation. However, despite Emefiele’s explanation, a lot of agitations greeted the announcement with many arguing that the redesign of the currency notes and the limited period given for its implementation may bring the country’s economy to its knees. He said, “In all honesty, I see the naira redesign as a means by which the CBN has lawfully mismanaged the public funds. In recent times, however, currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country. “More specifically, as of the end of September 2022, available data at the CBN indicate that N2.73tn out of the N3.23tn currency in circulation was outside the vaults of commercial banks across the country, and supposedly held by members of the public. He also stated that the naira redesign was targeted at controlling currency in circulation as well as ransom payments to kidnappers and terrorists. The rate at which inflation has been accelerating in the country has been a major source of concern for the Central Bank of Nigeria.

President Muhammadu Buhari had unveiled the new N1,000, N500 and N200 notes some weeks ago and thumped his chest, saying that the currency was counterfeit-proof ...

The solution is to make Nigerians have the moral obligation to resist the temptation, no matter the amount of money involved. The major problem in the country is that policies are only implemented for the poor, while the rich are unwittingly exempted. I agree with the Senate that the withdrawal limit should be adjusted, in the face of the current reality. The liability is on the ATM card owner, as the onus is on him or her to resolve the matter with his or her bank. When this happens, which is often, the sender is required to go to his bank and resolve the matter. While the money is taken from the sender’s bank account, it would not go to the receiver’s bank account. Although this time Nigerians have three months and five days to return their old notes to the banks or the money would be worthless, the cash withdrawal limit of N200,000 weekly for individuals and N500,000 weekly for corporate organisations has also, indirectly, made the naira redesigning a punitive measure. The redesigning of the currency in 1984 was punitive as it was aimed at catching perceived thieves who had allegedly stored raw cash at home. Also, it is believed that the policy would bring about control of currency in circulation as well as lower inflation. Therefore, the CBN is right to redesign the naira, within the ambit of the law, whether it is to catch thieves or to stop counterfeiting. Emefiele had urged Nigerians to deposit old naira notes in their possession in the banks, latest, January 31, 2023, when they would cease to be legal tender, while stating that the newly redesigned notes would be in circulation from December 15, 2022. He also stated that about 80 per cent of the banknotes were outside the banks, meaning that Nigerians had warehoused them at home or private vaults and, therefore, there was need to bring them back to where they should be – the banking system.

The naira yesterday strengthened against the dollar, trading at N745/$ from N750/$ it closed last week.

“Notably, the precipitous fall of the naira in the forex market, the power supply shortage and now the almost unaffordable price of diesel. Click here for full details](https://www.profit-arcade.com/investment.htm) In spite of the hike in interest rates, we are witnessing what some analysts fear may become a bout of runaway inflation. Click Here To See My Breakthrough!](https://bit.ly/3eeJ1de) [OUTRAGEOUSLY BIZARRE!!! Oil production in Nigeria has fallen so badly in the last few years and oil prices is also about falling more. This is because of a myriad of factors.”

Commercial banks in major cities in Nigeria have started paying out the newly redesigned naira notes to over-the-counter customers.

Last week, whilst visiting President Muhammadu Buhari, CBN governor, Godwin Emefiele had assured that the new notes had been disbursed to the banks and they are expected to start dispensing to their customers. Bank customers had been told to deposit the old notes into thier bank accounts. A customer who wants to be anonymous said: ‘I received the new notes through the ATM machine.’ Responding to why, one of the security men manning ATM points around Tejuosho market said, the few new notes available have already been dispensed, noting that, ‘by Friday or Saturdays, I am sure you can get the new notes by then.’ This is the right time to change to the new naira, because, by next year, the crowd will be so overwhelming due to the deadline. The cashier, however, directed some of her customers to visit other branches, who may likely have the new naira notes.

Mixed reactions Thursday greeted the release of the redesigned naira notes by Deposit Money Banks (DMBs) in the Federal.

They explained that despite the roll out of the new notes yesterday, they may not have access to same until next week when it would be well circulated. During my speech at the unveiling, I said that plans for this started early in the year. I would have loved to have a feel of the N200 and N500 notes but the guy at the counter said the bank does not have it. When Daily Sun spoke to one of the staff of the new generation bank in Oshogbo, she said, “We actually have these notes but we have not started giving out because we understand that some people might want to get this in bulk and start using it to do money changing business. The CBN now has its responsibility of ensuring these notes gets to every bank because January 2023 is around the corner and so it is best they do it quickly so that’s every Nigerian can have the new notes to spend”, he said. For instance, a bank customer at Orile-Coker, Uloma Chukwuemeka, who was eager to lay hands on the new notes, told Daily Sun that she was disappointed with the quality of the notes. I can only just assure you that it will go round, let us just be calm, luckily the old currency continues to be legal tender till January 31, 2023”, Emefiele said. The CBN would have done better in terms of quality, said Kingsley Chinedu, a bank customer. The conductor said he was not aware of the new notes. I think the awareness on the new notes is grossly insufficient. At Keystone Bank, Gwarinpa, teller clerks said the new notes will be available ‘later in the day’. “I tried spending the new naira notes today but it was totally rejected.