Naira Redesignation:Banks Receive New Bank Notes From CBN

The Central Bank of Nigeria (CBN) has begun distribution of the redesigned Naira notes to deposit money banks in the country.

Its governor,Mr. Godwin Emefiele,announced this on Thursday after he visited President Mohammadu Buhari in Abuja

He said that the new currencies have now reached the banks and it is expected that the banks will soon distribute those currencies to the members of the public who are their customers.

Emefiele visited President Buhari to assure the president that things are going on well about the currency as well as issues bordering on the newly introduced cashless policy.

He disclosed that the  apex bank will be reviewing from time to time how this is working because there is no rigidity, even though there will be no reversal of policy or change in timing.

He added:“But whether it is about tweaking some amount to be a little bit higher or a little bit lower we will do so because we are human. We want to make sure that we make life good for our people.We can only continue to appeal to Nigerians to see this policy the way we have presented it. We do not want to make life difficult for them.

“There is no need for anybody to worry. The CBN is monitoring what is happening, and I am assuring everyone that we are alive to our responsibility and we will do what is right for Nigeria and Nigerians”.

He spoke on the position of the senate concerning the withdrawal limit,saying the upper house is the legislative arm and from time to time, CBN briefs them about its policies.

He recalled that the cashless policy started in 2012,but on almost three to four occasions,adding that the CBN had to step down the policy because it felt that there was a need to prepare and deepen the country’s payment system infrastructure in Nigeria.

He said:”Between 2012 and 2022, the CBN believes that a lot of electronic channels have been put in place that would aid people in conducting banking and financial transactions in Nigeria.We heard about people talking about some of the people in our rural areas, and the truth is that we have 1.4 million super agents that are all over the country, villages, LGAs, and I am sure some of their names are already on the CBN website and we will publish the names of all these super agents,” he clarified.