Buhari will unveil new naira banknotes on Wednesday
President Muhammadu Buhari is due to officially unveil the new naira banknotes on Wednesday, except the president changes his plan in the next few hours, according to PREMIUM TIMES.
The Central Bank of Nigeria announced on October 26 its plan to redesign the 200, 500 and 1000 naira banknotes. He gave December 15, 2022 as the start date for the circulation of the new notes.
PREMIUM TIMES has learned that the unveiling of the new notes will precede the weekly cabinet meeting at the State House in Abuja.
The central bank said it would reshuffle naira banknotes to control the amount of currency in circulation, enable it to manage inflation and combat counterfeiting.
“These challenges primarily include: significant hoarding of banknotes by members of the public, with statistics showing that more than 85% of currency in circulation is outside of commercial bank vaults,” said the CBN Governor, Godwin Emefiele.
"To be more specific, at the end of September 2022, data available at the CBN indicates that 2.73 trillion naira out of the 3.23 trillion naira in circulation was outside bank vaults commercial across the country; and supposedly publicly owned.
"Clearly, currency in circulation has more than doubled since 2015; from 1.46 trillion naira in December 2015 to 3.23 trillion naira in September 2022. This is a worrying trend which cannot continue."
Responding to concerns about Nigerians in rural areas, especially as the deadline for submitting the old note is short, the bank said it has made arrangements to facilitate the exchange.
The bank said it was working with relevant financial system agencies in its execution, particularly to ensure that vulnerable citizens are not disadvantaged.
READ ALSO: New naira banknotes and all the news, by Reuben Abati
“While noting the gradual increase in financial access points and alternative banking channels over the years (electronic/internet banking, mobile apps, ATMs, cards/PoS, eNaira, banking agents, etc.) , the Bank recognizes that these may not be evenly distributed across all geopolitical areas and in some rural areas.
“In operationalizing this initiative, the CBN has collaborated with relevant agencies and other stakeholders in the financial system in its execution, ensuring in particular that vulnerable citizens are not disenfranchised,” said said the bank on November 11.
Support the integrity and credibility journalism of PREMIUM TIMES Good journalism costs a lot of money. Yet only good journalism can guarantee the possibility of a good society, an accountable democracy and a transparent government. For free and continued access to the best investigative journalism in the country, we ask that you consider providing modest support to this noble endeavour. By contributing to PREMIUM TIMES, you help sustain relevant journalism and keep it free and accessible to everyone.Donate
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President Muhammadu Buhari is due to officially unveil the new naira banknotes on Wednesday, except the president changes his plan in the next few hours, according to PREMIUM TIMES.
The Central Bank of Nigeria announced on October 26 its plan to redesign the 200, 500 and 1000 naira banknotes. He gave December 15, 2022 as the start date for the circulation of the new notes.
PREMIUM TIMES has learned that the unveiling of the new notes will precede the weekly cabinet meeting at the State House in Abuja.
The central bank said it would reshuffle naira banknotes to control the amount of currency in circulation, enable it to manage inflation and combat counterfeiting.
“These challenges primarily include: significant hoarding of banknotes by members of the public, with statistics showing that more than 85% of currency in circulation is outside of commercial bank vaults,” said the CBN Governor, Godwin Emefiele.
"To be more specific, at the end of September 2022, data available at the CBN indicates that 2.73 trillion naira out of the 3.23 trillion naira in circulation was outside bank vaults commercial across the country; and supposedly publicly owned.
"Clearly, currency in circulation has more than doubled since 2015; from 1.46 trillion naira in December 2015 to 3.23 trillion naira in September 2022. This is a worrying trend which cannot continue."
Responding to concerns about Nigerians in rural areas, especially as the deadline for submitting the old note is short, the bank said it has made arrangements to facilitate the exchange.
The bank said it was working with relevant financial system agencies in its execution, particularly to ensure that vulnerable citizens are not disadvantaged.
READ ALSO: New naira banknotes and all the news, by Reuben Abati
“While noting the gradual increase in financial access points and alternative banking channels over the years (electronic/internet banking, mobile apps, ATMs, cards/PoS, eNaira, banking agents, etc.) , the Bank recognizes that these may not be evenly distributed across all geopolitical areas and in some rural areas.
“In operationalizing this initiative, the CBN has collaborated with relevant agencies and other stakeholders in the financial system in its execution, ensuring in particular that vulnerable citizens are not disenfranchised,” said said the bank on November 11.
Support the integrity and credibility journalism of PREMIUM TIMES Good journalism costs a lot of money. Yet only good journalism can guarantee the possibility of a good society, an accountable democracy and a transparent government. For free and continued access to the best investigative journalism in the country, we ask that you consider providing modest support to this noble endeavour. By contributing to PREMIUM TIMES, you help sustain relevant journalism and keep it free and accessible to everyone.Donate
TEXT ANNOUNCEMENT: Call Willie - +2348098788999
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