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Banks Begin Releasing Newly Re-designed Naira Notes

Banks Begin Releasing Newly Re-designed Naira Notes

The Central Bank of Nigeria, CBN, will start rolling out the redesigned naira notes of N200, N500 and N1000 through commercial banks on Thursday, 15 December.

This was after the governor of the central bank, Godwin Emefiele, had complained that out of the N3.3 trillion currency in circulation, Nigerians are hoarding 85 %, representing about N2.75 trillion outside the country banks’ vaults.

Nigeria’s banking industry comprising of about 11 commercial banks, including Guaranty Trust Bank -GTBank, Zenith Bank, Access Bank, First Bank, United Bank of Africa -UBA, and Stanbic IBTC, amongst others.

These newly redesigned naira notes of N500 and N1000 will be obtained by the citizens over the counter in the banking halls of these financial institutions.

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This is due to the apex bank’s order to dispense only 200-naira notes to the Auto Teller Machines, -ATM.

Meanwhile, the Senate has urged the central bank to increase the threshold of cash withdrawals over the counter, Auto Teller Machines, and Point of Sale for both individuals and companies alike.

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