No shortage of new naira notes – CBN

The Central Bank of Nigeria (CBN) revealed that there is no shortage of new naira notes according to some media reports.

This was revealed by Godwin Emefiele, Governor of the CBN represented by Musa Jimoh, Director of the bank’s Payment Systems Management Department, in Jos.

The Nigerian Senate has urged the CBN to extend the deadline by 6 months, but the CBN says there is no going back on its January 31 deadline.

positive supply: The CBN said there is a sufficient supply of the new notes for commercial banks’ ATMs, and urged banks to stop holding cash.

  • ”The CBN has massively supplied the new banknotes to commercial banks to dispense both at teller windows and at ATMs.
  • “This is to allow for quick circulation and we want to advise commercial banks to desist from keeping cash out of public reach or face a harsher penalty.”

The CBN governor has also advised Nigerian to deposit old notes before the deadline, insisting there is no going back. He also added that the decision to redesign the currency is in line with global standards, adding that they will be redesigned every 5 years, but it took Nigeria nine years since its last currency design.

Conscience: Emefiele added that the Monitoring and Sensitization project aimed to address issues related to cash circulation to raise awareness about the use of agents to circulate cash in underbanked communities.

  • “The Monitoring and Sensitization project was activated by the central bank to investigate the attitude of the banks towards the diffusion of the new currencies.
  • “We’re also using it to raise awareness about using agents to move cash in communities with few or no available bank branches.”

what you should know

The Nigerian Senate this week urged the CBN Governor Godwin Emefiele will extend the January 31 deadline for the withdrawal of old naira notes to July 31, 2023.

The Senate said the deadline needed to be extended, urging that banks should also open an exchange window where people without a bank account can exchange their old bills for new ones. They said:

  • “The central bank must immediately extend the use of the old notes for six months from January 31 to July 31, 2023 with immediate effect;
  • “The Governor should force banks to open an exchange window where people who do not have a bank account can exchange their old bills for the new bill.”

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