Banks set to issue redesigned Naira notes to customers, says Emefiele

*The Central Bank of Nigeria discloses Bank’s are ready to issue new Naira notes to consumers, urging Nigerians to embrace the various electronic channels for banking and financial service transactions discourage cash transactions in the economy

Alexander Davis | ConsumerConnect

Amid consumers’ expectations of releasing the newly-redesigned banknotes into circulation, the Central Bank of Nigeria (CBN) has disclosed fresh Naira notes are already in banks, are set for issuance to the public.

Mr. Godwin Emefiele, Governor of CBN, who stated this in multiple tweets on CBN’s official handle, made the disclosure at Daura, in Katsina State, while on a visit to brief President Muhammadu Buhari on the Naira redesign and the cashless policy of the Bankers’ Bank in the country.

ConsumerConnect reports Emefiele restated that the Bank’s latest monetary policy measures are not targeted at anybody as being speculated in Nigeria.

Naira redesign policy for development of Nigerian economy

The CBN Governor emphasised the monetary policy direction was for the good and development of the West African country’s economy.

He, therefore, Nigerian consumers to embrace the various electronic channels already made available for banking and financial service transactions in the country in a bid to discourage cash transactions.

Emefiele stated: “The newly redesigned N200, N500, and N1,000 banknotes are now in banks and ready for issuance to members of the public.

“The currency redesign and [the] reintroduced cashless policies are not targeted at anybody but are for the good and development of the Nigerian economy.

“The CBN deferred the cashless policy severally to prepare and deepen Nigeria’s payments system infrastructure.”