Is The new naira note out

Many Automated Teller Machines (ATMs) in Lagos and Kano states did not dispense the new naira notes on Monday, leaving bank customers.

“None of my customers have purchased from me with the new naira notes. The new N1,000 note was also sprayed at the wedding I attended on Saturday,” said another customer. “Buyers are not making purchases with the new naira notes because it is still not available even in banks,” said Busayo Oladejo, a trader at Mile 12 Market. Speaking with BusinessDay by phone, he said the new naira policy has two objectives to achieve. Our correspondents observed that all the ATM machines they went to on Monday were dispensing only the old notes. “One is to bring the currency outside the bank into the banking system and to promote other means of payment.

Nigerians have been cautioned to be alert as some unscrupolous Nigerians have produced and begun circulating a counterfiet of the new redesigned naira ...

[banks complained that the quantity](https://www.legit.ng/business-economy/money/1510093-commercial-banks-set-limit-cash-withdrawal-supply-cbn-depensing-notes/) of the new notes cannot go around the economy. The new notes have denominations of N1,000, N500, and N200, and the CBN wants Nigerians to show respect. [earlier reported ](https://www.legit.ng/business-economy/money/1505864-cbn-defends-naira-design-nigerians-mocks-n1000-n500-n200-notes/)that the CBN Director of the [Currency](https://www.legit.ng/ask-legit/top/1116550-highest-currency-world-top-15/) Operations Department, Ahmed Bello Umar, promised Nigerians that the new notes will be difficult to create counterfeit. [Central Bank of Nigeria](https://www.legit.ng/tag/cbn/) (CBN) released the redesigned naira notes in the denominations of N200, N500 and N1,000, fake copies of the new notes have been released into the market. According to him, the original note has a gold seal at the bottom of the right-hand side of the note and the seal cannot be erased when scratched. [video ](https://twitter.com/Gen_Buhar/status/1604592352055754759)to show the difference between the fake and original redesigned N1,000 note.

In this vein, financial analysts have described the new monetary policy unfolded by the Central Bank of Nigeria (CBN) as capable of enhancing financial ...

He noted that the practice of vote-buying was dangerous and anti-democratic, adding that this must be tackled in order to have credible leaders at the helm of affairs. “We should put Nigeria first and our loyalty should be to Nigeria first and not to any political party in order to help us choose the best leader come 2023”, he added. Sotunde revealed that there were predictions made by the Nigerian Meteorological Agency (NiMet) about flooding earlier in the year, but that many Nigerians neglected it, saying this had led to wanton destruction of property and farms in the country. “Nigerians must continue to support the government to achieve the goals of formulated policies and to better the lives of all and sundry in the country”, he noted. According to him, as the country prepares for the next general elections, Nigerians could not afford to choose wrong leaders because there is poverty in the land, saying it was time for the citizens to take their future in their hands. As we move closer to the general elections, Nigerians have been advised to put the nation’s interest above parochial and pecuniary interest as they prepare for 2023.

President Muhammadu Buhari had last month unveiled the new notes of the three highest denominations of the Nigerian currency: N200, N500, and N1,000. READ ALSO: ...

Trending video of the day; President Muhammadu Buhari had last month unveiled the new notes of the three highest denominations of the Nigerian currency: N200, N500, and N1,000. [new naira](https://koko.ng/reasons-why-we-redesigned-naira-cbn/) notes are already being counterfeited, four days after they were rolled out to the public by the Central Bank of Nigeria (CBN) through commercial banks.

Few days after the Central Bank of Nigeria released the redesigned N200, N500 and N1,000 notes, fake copies of the aforementioned notes is currently in ...

Hence the need to release it in bit alongside the old notes. However, the banks are still making payments with the old denominations. According to him, the original note has a gold seal at the bottom of the right hand side of the note and the seal cannot be erased when scratched.

The World Bank has warned the newly redesigned naira which went into circulation last week may have negative effect on economic activity especially poor ...

“The second thing is that the government wants to drive the use of online banking, which is good for our economy. He said, “From the cashless policy point of view, we should appreciate that, as much as possible, the government is trying to limit the use of cash for transactions, more so, now that they are redesigning the currency. Have we put enough structure to take care of some of these things?

Apprehension over the scarcity of the redesigned naira notes worsened on Monday as various banks insisted they have run.

But it is not to say that we will reverse it; it is not to say that we will change the timing, but whether it is about tweaking some amount to be a little bit higher or a little bit lower, and all the rest of them, we will do so because we are humans. We will be reviewing from time to time how this is working because I cannot say that we are going to be rigid. We need to monitor and track the money and those spending it. I think CBN want to make sure that the objective of the redesign was not defeated. “I was even reluctant to collect the money from a passenger because of fear of being given the fake note. There is enough cash to go round but that does not mean we will have trillions of naira in circulation. The staff said: “You know the reason CBN gave for the redesign of the currency was because of huge funds that are outside the banking system. It is also obvious that they are strictly monitoring the disbursement of the new notes for easy tracking. I have heard and read stories where this fake new Naira notes were given to someone, and the person had to realize the differences after the customer had left. “I have this strong feeling that the banks are having challenges accessing the new Naira note from the Central Bank of Nigeria (CBN). But they were optimistic that with the deadline fast approaching, the CBN might be forced to quicken actions to ensure the new naira notes are made available for people to access through the banking system. “Today being Monday, I am seeing old notes still being dispensed, meaning that the banks are still loading the old notes into turn ATMs and the new limits have not been set.

The Central Bank of Nigeria (CBN) had on October 26 announced that it will be redesigning the new notes. The CBN governor, Godwin Emefiele had said the ...

He also noted that CBN is more than prepared for the transition from old notes to new notes within the stipulated period. “Please deposit your money because by 31 of January 2023 only the new notes are what is useful and you will have to dump the old ones. The Central Bank of Nigeria (CBN) had on October 26 announced that it will be redesigning the new notes.

The World Bank has warned that the timing and short transition period of the naira redesign policy may have negative impacts on economic activity.

Thereafter, only the new notes will be legal tender. “The CBN announced on October 26, 2022, that it planned to redesign, produce, and circulate new series of Nigerian naira (N) 200, 500 and 1,000 notes (equivalent to roughly US$0.5, US$1, and US$2 at the official rate). Commenting on the monetary policy, the World Bank, in its report, said the phasing out of existing naira notes over a short time period may add to the challenges of poor households and small-scale businesses.

Many outlet operators told the Daily Sun that they don't know what the new currency looks and feels like. At Fidelity Bank ATMs in Karu, Abuja, many depositors ...

We need to monitor and track the money and those who spend it. “After a lot of persuasion I accepted because I know the clients. We are going to stop using cash and many of the transactions must be done electronically. There is enough cash to go around, but that does not mean we will have trillions of naira in circulation. I have heard and read stories where someone was given these new fake Naira notes, and the person had to figure out the differences after the customer left. Meanwhile, Muruf Ola, a motor mechanic in Nyanya, Abuja, said that one of his clients paid for the services with the new Naira note, precisely N1,000. One official explained that CBN is perhaps in no rush to put out a large number of the new notes. The staff said, “You know, the reason CBN gave for the currency redesign was because of the huge funds that are outside the banking system. I thought the new banknotes would have already flooded the markets but it seems to be the opposite though the deadline is not here yet but it is very close. “Today, being Monday, I see that old bills are still being dispensed, which means that the banks are still charging the old bills at the giro ATMs and the new limits have not been set. When the Daily Sun visited the Fidelity and Access bank branches in Wuse market around 2pm on Monday, all their ATMs were dispensing the old notes. “I have a strong feeling that banks are having trouble accessing the new Central Bank of Nigeria (CBN)

Redesign, withdrawal limit will wreck north, Wamakko claims • Ibadan motorcyclists reject new notes • Bank of England unveils King Charles III banknotes, ...

With the situation in the country, it is going to wreck a lot of businesses in the country. “There was a drastic fall in the exchange rate as soon as the policy was announced. A motorcyclist in the Bodija area refused to collect the money, saying the N1,000 note is fake, on account of its colour. Also at Ojoo and Iwo Roads, most of the POS operators were using old notes to pay their customers. This is why we support the redesign of the naira, so that N2.7 trillion and more should go right back into the banks. Reacting, Lucky Goodness, a customer at one of the banks, said: “Yes, I have seen the new naira note. “The new banknotes will only be printed to replace those that are worn and to meet any overall increase in demand for banknotes. A branch manager of one of the new-generation banks, along Aba Road, said he had been receiving complaints from customers, asking why his branch continues to dispense the old notes. “You will still be able to use polymer banknotes that feature the portrait of Queen Elizabeth II. Branches on Ikwerre and Aba Roads showed that customers were still being paid the old naira notes. The King’s image will appear on the front of the banknotes, as well as in the see-through security window. The rest of the design on the banknotes will remain the same.