Mr President Muhammadu Buhari unveil the new redesigned naira notes

But the apex bank has said the new policy that involves with the launch of the redesigned N200, N500 and N1,000 notes that Mr President Muhammadu Buhari unveil on November 23, 2022.

This new policy comes after the CBN governor, Godwin Emefiele in October 26, 2022 announce the redesigning of three bank notes, N200, N500 AND N1,000, and also said that the new and existing currencies will remain as egal tender and circulate until January 31, 2023.

The apex bank believe that this redesigned notes will reduce the amount of cash that was circulation and therefore restricts the way kidnappers take demand ransom it can also make politicians fit rig elections. 

Because with this new development, N1,000 and N500 notes will be so very scarce.

The things that customers any need to provide

The apex money bank comes with hala say banks which need to know the following informate for the minimum and upload some for the CBN portal which was created for a purpose:

  • a. “Valid means of identification of the payee (National Identity Card, International Passport, Drivers License will provide ).
  • b. “The payee most bring Bank Verification Number .

c. “The notarised customer declaration of the purpose of the cash withdrawal.

d. “Though senior management has approval for the withdrawal by the Managing Director of the drawee, where it was applicable.

e. “The approval of writing by the MD/CEO of the bank has the jurisdiction the withdrawal.

The CBN in their letter has monthly return on cash was required

CBN further said in that letter was released

i. The monthly returns on cash withdrawal transactions above the limits that thy speak that suppose to rendered to the Banking Supervision Department.

ii. The compliance with extant AMUCFT regulations that was related to the KYC customer due to diligence and suspicious transaction reporting etc., we need for all circumstances.

iii. All the customers was encouraged to use alternative channels (mobile phone banking application, internet banking, USSD, cards/POS. eNaira, etc.) that helps banking transactions.

The CBN has warned all the banks “Finally, we still plead to help to avoid this policy which will attract serious sanctions.


Leave a Reply

Your email address will not be published. Required fields are marked *