The central bank of Nigeria officially introduce the newly redesigned naira notes on Thursday 15, December 2022 across the country.
The officials has said that the new money is ₦200, ₦500,and ₦1000 notes they introduce that it will be very difficult to forge.
Meanwhile both the two notes -old and new – will still be valid for now, Nigerians have until January 31 to exchange their old naira notes before an expired.
All the notes was currently in circulation for now ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500, ₦1000.
Apart for this newly redesigned bank notes, the apex bank also introduce new weekly cash withdrawal limit also.
The apex governor has said from January, customers will only withdraw a maximum weekly amount of ₦100,000 naira for individuals and ₦500,000 for corporate organisations.
Because the CBN has said that they want to reduce the amount of cash that will be in circulated.
Although numerous people believe that this new pattern of withdrawal limit will affect some politicians that loves giving out cash during campaign and it will also more difficult to pay big ransoms to kidnappers too.
It has been some people that think that this new policy is to encourage a cashless economy.
How the CBN plan to circulate currencies for Nigeria?
Is the CBN bring out the finished banknotes from Nigerian Security Printing & Minting (NSPM) Plc for distribution to all CBN branches.
After deliver it to CBN branch, is the branch that will distribute the banknotes to DMB which known as Deposit Money Bank where they will finally release it to the public through withdrawals.
The process of how to exchange your old bank notes
The CBN informed all the country people to deposit the old bank notes for bank.
They also said that any deposits that is above ₦150,000 will attract charges.
All Banks was expected to keep their currency processing centres open from Monday to Saturday.
All commercial banks that currently has this denominations of currency can start returning the old notes back to CBN with immediate effect.