The Governor of the Central Bank of Nigeria, Godwin Emefiele on Wednesday press briefing in Abuja speaks of Worsening shortage of clean and fit banknotes.
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The Central Bank of Nigeria has expressed that in its offered to lessen the excessive hoarding of naira notes outside the financial framework it is set to present recently redesigned naira notes for N200, N500 and N1000.
He noted that the new notes would be available for use from December 15, 2022 and would likewise oblige the old notes as legitimate tenders until January 21, 2023, which the apex bank has set as the objective for mop-up.
He prompted that there would be no charges for stores and that the general population ought to store monies outside the framework to the banks to get the new notes once sent off.
He said: “Significant hoarding of banknotes by members of the public, with statistics showing that over 80 percent of currency in circulation are outside the vaults of commercial banks.
“Worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability. Increasing ease and risk of counterfeiting evidenced by several security reports.”
“Indeed, recent development in photographic technology and advancements in printing devices have made counterfeiting relatively easier. In recent years, the CBN has recorded significantly higher rates of counterfeiting especially at the higher denominations of N500 and N1,000 banknotes.”
“On the basis of these trends, problems, and facts, and in line with Sections 19, Subsections a and b of the CBN Act 2007, the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels.”
“In line with this approval, we have finalised arrangements for the new currency to begin circulation from December 15, 2022. The new and existing currencies shall remain legal tender and circulate together until January 31, 2023 when the existing currencies shall seize to be legal tender.”
