CBN Commences Distribution of New Notes to Banks as December 15 Deadline Approaches

CBN Commences Distribution of New Notes to Banks as December 15 Deadline Approaches

  • The Central Bank of Nigeria has said that it has begun the distribution of new naira notes to banks in the country
  • CBN governor, Godwin Emefiele said there are about 1.4 million super agents across Nigeria where Nigerians can access the new notes
  • Emefiele said that although the bank may adjust the new cash withdrawal limits, it would not abandon the policy

The Central Bank of Nigeria (CBN) has commenced the distribution of the newly redesigned naira notes ahead of December 15, 2022, for issuance to bank customers across the country.

The CBN governor, Godwin Emefiele stated this on Thursday, December 8, 2022, when he visited President Muhammadu Buhari in Daura, Katsina State.

Emefiele, Buhari. New notes
President Buhari and Godwin Emefiele with the new naira notes Credit: PIUS UTOMI EKPEI/Contributor
Source: Getty Images

CBN says it has received N50 billion old notes from banks

The CBN boss said the new notes were sent to the banks on Wednesday, December 7, 2022, and insisted  that the timing regarding the December 15, 2022, deadline is sacrosanct,

PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG!

He hinted that the bank may adjust the new cashless policy on cash withdrawal limits.

Emefiele revealed that since the new policy was announced, the CBN has received more than N500 billion from the banks and has also deposited almost the same amount.

On his visit to Buhari, the apex bank boss stated that it is a routine presidential briefing since overdue and centred around recent development in the bank, economy and the new cashless policy.

1.4 million super agents in Nigeria for new naira note

BusinessDay reports Emefiele as saying that the Nigerian banking system is primed for the policy rollout and announced that there are about 1.4 million super agents all over the country offering banking and financial services that Nigerians can explore, especially the rural areas.

Emefiele said the recent pushback from politicians, especially lawmakers, would not deter the bank from carrying out the new policy, saying the policy does not target anyone but is designed to boost the cashless policy of the bank for the good of the economy.

The CBN helmsman insisted that the bank will postpone the January 31 deadline for the cessation of the old naira notes and asked Nigerians to leverage available cashpoints to access the new banknotes and deposit old ones before the deadline.

New naira notes: Banks issue deadlines to customers to deposit old naira notes reported that amid the bickering between the Minister of Finance, Budget and National Planning, Zainab Ahmed and the Central Bank of Nigeria (CBN) governor, Godwin Emefiele, over the redesigning of naira notes, several banks have given deadlines to their customers to deposit old naira notes.

One of the banks, Fidelity Banks, announced via its Instagram page on Saturday, October 29, 2022, that its customers have until January 31, 2022, to deposit old naira notes or risk being rejected

The bank said it would extend working hours to 6 pm in all its branches to allow cash deposits.


Online view pixel