New naira notes

The 36 state governors have demanded the presence of the Governor of CBN Mr. Godwin Emiefele, at a virtual meeting on Thursday.

The CBN announced the initial decision of the Apex Bank to redesign the Naira note on Oct. 31, 2023, as the deadline for the old note to serve as legal tender. “Issuing the invitation, the Nigeria Governors Forum Director General, Mr.

There have been concerns over the slow spread of the three new naira notes as the January 31 2023 deadline approaches. By Channels Television. Updated January 17, 2023. A file photo of Central Bank of Nigeria Governor, Godwin Emefiele.

The redesigned N200, N500 and N1,000 notes were launched by President Muhammadu Buhari on November 23, 2022. [Godwin Emefiele](https://www.channelstv.com/2023/01/16/breaking-cbn-gov-emefiele-resumes-duty-after-annual-leave/) to a meeting over the redesigned naira notes and the timeline to fade out old notes. [CBN’s Withdrawal Limits Begin Amid Concerns Over New Naira Notes](https://www.channelstv.com/2023/01/09/cbns-withdrawal-limits-begin-amid-concerns-over-new-naira-notes/)

MIKE IDI OBADAN. On October 26, 2022, the Governor of the Central Bank of Nigeria, with the approval of President Muhammadu Buhari, announced the naira ...

In conclusion, I make bold to say that against the backdrop of the current economic challenges facing the country, both the naira notes redesign and the associated revised cash withdrawal limits are in the interest of the economy. For me, the new limits appear to be too liberal in relation to the initial objectives of the policies. In the light of these and the need to be responsive as well as remove ambiguities and ensure greater clarity of the Guidelines, the Central Bank of Nigeria, amended the Revised Guidelines of 6th December, 2022. Increased availability of clean and fit banknotes will improve the negative public perception of the Bank, reduce the threat of financial system stability and enable people to have a feeling of satisfaction in new and clean notes. A high volume of cash outside the banking system constrains the ability of the Central Bank to use monetary policy instruments to control the growth of money supply and hence control inflation. Hence, achievement of stable prices and monetary stability through greater effectiveness of monetary policy actions is something that is beneficial to everybody and the economy. By taking plenty of cash from outside the banking system into the system, the naira redesign policy will make it easy for the Central Bank to use monetary policy instruments to control money supply growth as necessary in order to control price inflation. Hence, the policy will enable prevention and/or minimisation of criminal activities – kidnapping for ransom, illicit cash flows and money laundering, and bribery and corruption which are facilitated by the large volumes of cash outside the banking system. The association of the naira redesign policy to a political objective is the interpretation of politicians and their associates. Large volumes of cash outside the banking system limit the effectiveness of monetary policy instruments. It is possible that one of the unintended outcomes of the naira redesign policy could be a limitation of the ability of politicians to subvert the free choice of voters through buying of their votes with the humongous amounts of cash at their disposal. All the other denominations – N100.00, N50.00, N20.00, N10.00 and N5.00 notes – were to continue to be in circulation while the current 200, 500 and 1,000 naira notes would cease to be legal tender in Nigeria after the 31st of January, 2023.

For a country that aspires to reduce bureaucracy and liberalise its financial sector, currency redesign and cash withdrawal limits can only be ...

The old naira notes are expected to be phased out by the end of January 2023, but there are Banks don’t have enough of the new ones to exchange for the old ones. Domestic and foreign investors are already jittery about the upcoming elections and the state of the Nigerian economy. And then there are the new banknotes. They could resort to the use of foreign currencies. Unbanked Nigerians cannot deposit the old notes in an account. [Bank Verification Number](https://www.cbn.gov.ng/Out/2015/BPSD/BVN_FAQ.pdf) system, which requires depositors to have a unique number that could be used to determine who they really are, has encouraged criminals and money launderers to operate outside the banking system. The central bank’s urgency is puzzling. During my recent seven-month stay in Nigeria, I was impressed by how I could pay the Uber driver through bank transfer with my phone, purchase assorted goods at the local market through transfers, and use point of sale to withdraw money when cash is necessary. Following those concerns, the central bank They suggest that limits on cash withdrawal would make it harder for politicians to monetise and corrupt the electoral process. The new notes came into effect on 15 December 2022.

The Nigeria Governors' Forum has invited the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele to a meeting over the redesigned naira notes and the ...

The redesigned N200, N500 and N1,000 notes were launched by President Muhammadu Buhari on November 23, 2022. [Godwin Emefiele](https://www.channelstv.com/2023/01/16/breaking-cbn-gov-emefiele-resumes-duty-after-annual-leave/) to a meeting over the redesigned naira notes and the timeline to fade out old notes. [CBN’s Withdrawal Limits Begin Amid Concerns Over New Naira Notes](https://www.channelstv.com/2023/01/09/cbns-withdrawal-limits-begin-amid-concerns-over-new-naira-notes/)

The Nigeria Governors' Forum (NGF) has issued an invitation to Godwin Emefiele, the Central Bank of Nigeria (CBN) governor, to attend a virtual meeting for ...

[backlash](https://www.thecable.ng/na-snapchat-filters-twitter-reacts-to-unveil-of-redesigned-naira-notes/amp), as banks began to dispense the redesigned notes on December 15, 2022. [announced the plan](https://www.thecable.ng/breakingcbn-redesigns-new-naira-notes) to redesign the biggest denominations of the country’s currency to control money supply and aid security agencies in tackling illicit financial flows. The Nigeria Governors’ Forum (NGF) has issued an invitation to Godwin Emefiele, the Central Bank of Nigeria (CBN) governor, for a virtual meeting on the recent naira redesign and cash withdrawal limit policies.

"Issuing the invitation, the Nigeria Governors Forum Director General, Mr Asishana Bayo Okauru, said the agenda is on the recent CBN policy of redesigning ...

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The CBN governor, Emefiele had announced the initial decision of the Apex Bank to redesign the Naira note, on October 26, 2022, and Nigeria's Apex Bank ...

A lot of Nigerians, particularly the unemployed, dependants and the less privileged, who rely on handouts, known in local...

Martins seemed reserved while telling her stories to this reporter, yet she had conceived too much pains, she said, and couldn’t bear it any longer. The old notes in circulation have reduced while the new ones are scarce, constraining the ability of many Nigerians to give out cash. Nigerians are facing a double whammy as new naira notes remain scarce, even as the deadline for the expiration of the old ones draws nearer.

Despite orders from the Central Bank of Nigeria (CBN) for commercial banks to load their Automated Teller Machines (ATMs) w.

President Muhammadu Buhari had launched the redesigned notes of N200, N500 and N1000 on November 23, 2022. “As we get the new notes, we load the ATMs with them. Who is fooling who?” A source at one of the banks said the new notes were in short supply.

Hajia Lami Audu, a Kogi-based businesswoman, said the way CBN and the manner commercial banks were going about the release of the New Naira notes of 1000, 500 ...

31 deadline for the withdrawal of old notes in circulation. I’m sure when one is beaten by rain during the rainy season, the notes will end up staining one’s clothes if kept in the pocket,” she said. 31 to phase out the old notes.

The 36 State Governors in Nigeria have invited the Governor of the Central Bank of Nigeria, CBN, Mr Godwin Emiefele, for a virtual meeting on Thursday over ...

Bello-Barkindo said that the virtual meeting agenda is titled “ The Economic and Security implications of naira redesign and withdrawal policy.” “Issuing the invitation, the Nigeria Governors Forum Director General, Mr Asishana Bayo Okauru, said the agenda is on the recent CBN policy of redesigning the Naira Notes,” Bello-Barkindo said. The 36 State Governors in Nigeria have invited the Governor of the Central Bank of Nigeria, CBN, Mr Godwin Emiefele, for a virtual meeting on Thursday over issues related to the new naira notes introduced by the apex bank.

The 36 state governors have invited the governor of the Central Bank of Nigeria, Godwin Emiefele, for a meeting on Thursday over issues relating to the new ...

SaharaReporters noted that the CBN directed that the old naira notes would cease to be operational by January 31, 2023, a development which Nigerians and stakeholders are not comfortable with, considering the unavailability of the new naira notes.

The Nigeria Governors rsquo; Forum has summoned the Central Bank of Nigeria, Governor, Godwin Emefiele, over the withdrawal policy and the redesigned naira ...

He said, “For the virtual meeting, the agenda is, “The Economic and Security implications of naira redesign and withdrawal policy. While referring to the NGF’s Director General, Asishana Okauru, the spokesperson noted that the virtual meeting would focus on the latest apex bank’s withdrawal policy and naira redesign. The Nigeria Governors’ Forum has summoned the Central Bank of Nigeria, Governor, Godwin Emefiele, over the withdrawal policy and the redesigned naira notes.

The Central Bank of Nigeria has expressed assurance that the new naira notes will circulate to every nook and cranny of the country before the January 31, ...

This statistic shows that 84.71 per cent of currency in circulation are outside the vaults of commercial banks, with only 15.29 per cent in the central bank and commercial banks’ vaults. “The currency redesign will assist in the fight against corruption as the exercise will rein in the higher denomination used for corruption, and the movement of such funds from the banking system can be tracked easily.” He said: “The benefits of the currency redesign to the Nigerian economy are enormous given that this policy will help to control inflation, as the exercise will bring the hoarded currency into the banking system, thereby making monetary policy more effective.