CBN Begins Distribution of Redesigned Naira Notes

By Aduragbemi Omiyale

The Central Bank of Nigeria (CBN) has commenced the distribution of the newly redesigned Naira notes ahead of the planned introduction into circulation on Thursday, December 15, 2022.

According to the Director of Currency Operations at the CBN, Mr Bello Umar, the distribution of the new banknotes commenced yesterday, and it is to the branches of the apex bank across the country.

It was gathered that from there, the new notes, N200, N500, and N1,000, would be disbursed to commercial banks and other financial institutions.

However, he stressed that the January 31, 2023, deadline for the return of the old notes would not be extended as anticipated by some people, urging those with the old notes to deposit them in their banks.

Mr Umar emphasised that from February 1, 2023, the old N200, N500 and N1,000 would no longer be accepted as a means of financial transactions.

“From Thursday, we will start distribution to CBN branches across the country. So that whenever we are set to launch, maybe at a later date, we already have the notes across the country,” he told newsmen in Abuja.

On October 26, 2022, the central bank announced that it would change the look of the higher banknotes to tackle crime and inflation.

At a briefing to announce the Naira redesign, the Governor of the CBN, Mr Godwin Emefiele, said the majority of cash in circulation was not in the banks’ vaults.

According to him, the bank could not account for about N2.7 trillion of the N3.2 trillion in circulation, stating that this forced the apex bank to redesign the Naira.

Shortly after this announcement, videos of old Naira notes stashed surfaced online, making many persons to commend the central bank for the move.

Last month, President Muhammadu Buhari unveiled the new Naira notes, praising Mr Emefiele and his team for taking the move.