New naira notes

2023 - 1 - 5

Post cover — Image courtesy of "Businessday.ng"

New naira notes unavailable in S/East 2 weeks after launch (Businessday.ng)

Two weeks after the Central Bank of Nigeria (CBN) approved the circulation of the redesigned naira, most people in the southeast...

Won’t it be a problem with the rainy season,” he queried. The change in the notes is also said to aid in lowering the rate of inflation, as well as help control the amount of money in circulation. This is not peculiar to those in the rural areas, as some urban dwellers, who have accounts with commercial banks, also complained that they have not seen the new notes as banks continue to pay out the old notes.

Nigerians Express Different Reactions After Seeing and Touching ... (Legit.ng)

Even though Nigerians seem to be okay with the reasons for the new design of the naira notes and the eventual look, most seem to be totally unpleased with ...

I have seen like two denominations of the new naira notes. The old notes had better designs than the new ones. Another reason for the redesign is to arrest the hoarding of naira notes by the public, as statistics had shown that 80% of the [currency](https://www.legit.ng/ask-legit/top/1116550-highest-currency-world-top-15/) in circulation was outside banks' vaults. Another respondent who spoke with Legit.ng said that he doesn't think the designs were bad. I think the designs could have been better than these. On social media, some commenters described the notes as a work of bad photoshop while others described them as a mere use of image filters. When the notes which were locally printed by the Nigerian Security Printing and Minting (NSPM) Plc eventually entered into circulation, the reactions did not quite change much. I try not to be concerned with whether it looks good or bad. In so many quarters, there have been allegations that the new naira notes fade when it comes in contact with water. Quite a few of the designs were further celebrated on social media. When the Central Bank of Nigeria decided to redesign some of Nigeria's naira notes, they most likely did not envisage the dissatisfaction that it was going to generate. However, the above reasons have generated both negative and positive reactions so far.

Four weeks to deadline, bank ATMs are still dispensing old naira notes (Nairametrics)

ATMs across the country are still dispensing old N1,000 and N500 notes, just four weeks before the deadline set by the apex bank.

However, a major question raised by analysts is if the remaining 25 days will be enough to exchange the old notes with new ones. - In the same vein, the apex bank also ordered banks to restrict ATM cash dispense to a maximum of N200 notes in order to reduce the volume of higher denominations in the economy. Therefore, DMBs must note that no bank customer shall bear any charges for cash returned/paid into their accounts.” - The House of Reps has also asked the CBN to halt the cash withdrawal policy (which is also tied to the introduction of new naira notes) and invited the CBN Governor (who was out of the country) to appear before it to explain the rationale for the move. Recall that the CBN had in October 2022 announced the redesign of N200, N500, and N1,000 notes in a bid to curb currency counterfeiting and take control of the currency in circulation. The old N1,000, N500, and N200 notes are set to be decommissioned by the end of January 2023, following the release of new currency notes by the Central Bank of Nigeria in December last year.

Nigerians Lament Scarcity Of New Naira Notes In Banks, ATMs Few ... (Tori.ng)

They lambasted President Muhammadu Buhari's administration for spending a huge amount of money on redesigning naira notes despite Nigerians' objections.

A bank customer, Clara Nwachukwu, who is also a POS operator said, “My customers are on my neck and itching for new notes but the banks say it’s not available. "I even heard from a few persons that the new notes now have the fake ones too. He said, “I’m here to get the new notes but they said they’re not available. The entire banking system is in disarray." In summary, Buhari, DSS, Emefiele and even the new notes are all mad." Another concerned Nigerian in Anambra State who simply identified herself as Adaorah told SaharaReporters, "My bank is not giving out the new notes. Even the real one, if you mistakenly wash it alongside your clothes, na old paper you go see." ATMs and banks in Ikorodu are still issuing the old notes. A certain guy even said to get N20,000 worth of new naira notes, you have to pay as much as N26,000. More sensitization is imperative." "I only saw the new note –N1,000 like twice when a customer brought it to my shop. At least, I visit banks weekly but they still give out old notes.

Don't Wait Until The Last Day to Change Your Naira Notes, Banks ... (Investors King Ltd)

The Central Bank of Nigeria (CBN) via its governor, Godwin Emefiele has maintained that January 31, 2023, remains the deadline date for the exchange of old ...

We understand these are difficult times for many people and are committed to do our bit to support communities in need.” Kindly note that you can use your GTBank dollar card for all your international spending requirements.” We intend to build on the progress achieved over last few years to roll out innovative products, solutions and services which will enable us better partner with you on your journey to achieving your financial goals and strategic objectives. At no time did any other party make a higher purchase offer as falsely claimed by the online publication. A statement from the bank read “Have you been busy all week long and can’t visit any of our branches? First Bank PLC has also extended its daily operations to Saturday as they want customers to bring in old notes for deposit. It promises to be a year filled with new opportunities and success on all fronts. They should visit any of our branches closest to them to deposit their cash in their account. [Zenith Bank](https://www.zenithbank.com/) and the United Bank for Africa (UBA) reduced the international spending limit on their naira cards from $100 to $20 a month. First Bank was one of the leading banks in 2022 as they finished as one of the banks with the highest deposits, highest profits and highest transactions however the bank is also one of the banks with the highest loss for the year, 2022. David Isiavwe, Ecobank Group Head, Operations and Technology while being quizzed in Lagos, said there are no charges on cash deposits at any Ecobank branch, no matter the volume. We have extended our working days to Saturday to enable customers deposit cash.

Nigerians Express Different Reactions After Seeing And Touching ... (NNN)

When the Central Bank of Nigeria decided to redesign some of the Nigerian naira banknotes, they probably did not anticipate the dissatisfaction it would ...

It should be remembered that President Muhammadu Buhari, on November 23, 2022, unveiled the redesigned naira banknotes. The old banknotes had better designs than the new ones. Another reason for the redesign is to stop the hoarding of naira notes by the public, as statistics had shown that 80% of the currency in circulation was outside bank vaults. Another respondent who spoke with legit.ng he said he doesn’t think the designs were bad. I think the designs could have been better than these. Many of the designs were further celebrated on social media. When the notes were finally released, the reactions didn’t change much. On social media, some commenters described the notes as poor Photoshop work, while others described them as a mere use of image filters. In so many quarters, there have been complaints that the new naira notes fade when they come in contact with water. When the Central Bank of Nigeria decided to redesign some of the Nigerian naira banknotes, they probably did not anticipate the dissatisfaction it would generate. However, the above reasons have generated negative and positive reactions so far. [](https://nnn.ng/#:~:text=using blogger outreach)