Some Naira Denominations

Naira Redesign: CBN warns against mishandling of Naira, directs DMBs to return existing banknotes

*The Central Bank of Nigeria has urged the Deposit Money Banks to immediately begin returning the existing Naira notes to the Bank beyond the threshold stipulated by the Cashless Policy without charges to customers in regard to the national currency redesign project

Isola Moses | ConsumerConnect

Against the backdrop of the ongoing activation of the national currency redesign project, the Central Bank of Nigeria (CBN) has instructed the Deposit Money Banks (DMBs) in the country to work on Saturdays till January 31, 2023.

ConsumerConnect reports the Bankers’ Bank stated the move is to enable the commercial bank customers to return old Naira notes for new ones.

The CBN, recently, announced plan to redesign, produce, issue, and circulate new three banknotes comprising N200, N500, and N1,000 denominations respectively.

President Muhammadu Buhari is billed to unveil the newly designed banknotes December 15, 2022.

Mr. Osita Nwasinobi, Director, Corporate Communications Department at CBN, while spoke in regard to the project at the Bank’s fair in Ilorin, Kwara State capital Thursday, November 17, with the theme, ‘Promoting Financial Stability and Economic Development’, report said.

Nwasinobi restated that the new and existing currencies should remain a legal tender and circulate together until January 31, 2023, when the existing current shall cease to be legal tender in the West African country.

Represented at the event by Akpama Uket, of the Corporate Communications of CBN, the Director said that

Deposit Money Banks (DMBs) had been directed to immediately start returning the existing currencies to the CBN.

The CBN also stated: “They (DMBs) have also been instructed to receive the existing banknotes beyond the threshold stipulated by the Cashless Policy without charges to customers.

“Consequently, you must return all the current N200, N500, and N1,000 banknotes to your bank before the expiration of the deadline.”

He further explained that the focus of the Bank in redesigning Naira notes is macroeconomic stability.  The efforts entail building a strong, stable, and resilient economy that is self-sustaining and able to weather unanticipated shocks, said Nwasinobi.

The Directory of Corporate Communications noted: “This the Bank will do by applying appropriate monetary policy tools, striving to rein in inflation, and continuously encouraging a productive economy through its interventions.”

Bank urges consumers to handle the Naira with care

Meanwhile, the CBN warned Nigerian consumers of the consequences of mishandling of the Naira notes.

Nwasinobi declared: “Let me also reiterate the need to handle the Naira with care.

“The Naira remains a symbol of our national pride. Treat it with utmost dignity.

“Do not spray, squeeze or counterfeit the Naira, as default goes with consequences.”

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