- The Central Bank of Nigeria is redesigning the N200, N500 and N1000 notes as requested by FG
- CBN governor, Godwin Emefiele announced this today in Lagos amid speculations of phasing out ATM cards
- The N200 note was introduced in 1999 by the administration of Obasanjo and the N500 note in 2001 and the M1000 in 2005.
New Naira notes coming
The Central Bank of Nigeria has announced that it will redesign the N200, N500 and N1000 notes as per request by the Federal government of Nigeria.
Though details of the new look of the notes are still sketchy, the CBN had hinted that it may phase out ATM cards from Nigeria’s financial system effective January 2023.
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New National Domestic card coming too
The new card, according to the apex bank is to strengthen the payment system in the country.
The Central Bank of Nigeria (CBN) is set to redesign the N200, N500, and N1000 notes as requested by the Federal Government. This was disclosed by the CBN Governor, Godwin Emefiele during a special briefing on Wednesday.
Vanguard reports that the Managing Director of NIBSS, Premier Owoh, stated this during the Committee’s meeting on Thursday, October 20, 2022.
Owoh said the project has been approved and is the brainchild of CBN.
He said part of the project of the apex bank is that the National Domestic Card Scheme will be designed to help accelerate acceptance and efficiency and reduce operating costs of cards in the country.
A multi-functional card
According to him, the card will be configured to manage the payment ecosystem and improve payment across Nigeria. It will also provide affordable pricing. Charges on the card will be lower because it will be charged in Naira and not in foreign currency.
Explaining further, Owoh stated that the card is expected to reduce reliance on cash across the landscape and promote the cashless policy of the Central Bank of Nigeria. Owoh said that it will have components like debit cards, credit cards and non-interest cards.
CBN’s spokesman, Osita Nwanisobi, said the move is meant to promote inclusion and growth in the financial services sector via Nigeria’s central switch system, NIBSS. Nwaniso said the scheme will become effective in January 2023.
The N200 note was introduced in 1999 by the administration of Obasanjo and the N500 note in 2001 and the M1000 in 2005.