The Central Bank of Nigeria (CBN) will start rolling out the redesigned naira notes of N200, N500 and N1000 through commercial banks on Thursday.
Ripples Nigeria had reported that the old naira notes were redesigned by the central bank in a bid to reduce the currency in circulation and outside the banking system.
The governor of the central bank, Godwin Emefiele, had complained that of the N3.3 trillion currency in circulation, Nigerians are hoarding 85 per cent, representing about N2.75 trillion outside Nigerian banks’ vaults.
To mop up the currency in circulation, which will help the financial regulator to rein inflation, Emefiele had announced in October that the redesigned naira will be released on December 15.
Nigeria’s banking industry is made up of about 11 commercial banks, including Guaranty Trust Bank (GTBank), Zenith Bank, Access Bank, First Bank, United Bank of Africa (UBA), Stanbic IBTC, amongst others.
Ripples Nigeria understands that the newly redesigned naira notes of N500 and N1000 will be obtained by Nigerians over the counter in the banking halls of these financial institutions.
This is due to the directive of the apex bank head to banks that Auto Teller Machines (ATM) should be reconfigured to dispense only N200.
Meanwhile, Ripples Nigeria had reported that the Senate has urged the central bank to increase the threshold of cash withdrawals over the counter, Auto Teller Machines and Point of Sale (PoS).
Two members of the upper Chamber suggested that the individual withdrawal limit should be raised to N500,000, while another said companies should be allowed to withdrawal N3 million
Also, there was complaints about the N20,000 limit on ATM and PoS, with some lawmakers stating that the limit is too small for businesses in informal markets and farmers.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
In Niger, communities suffer as multi-billion naira Auna Dam project remains uncompleted despite 38 years of investments
In Niger State, the over 20 communities around Auna River have had their hopes for fresh water, electricity supply and...
INVESTIGATION: Years after, 15km Eleme-Onne end of East-West Road remains death-trap despite billions released
In this report, ARINZE CHIJIOKE chronicles the sufferings of road users on the 15km Eleme-Onne end of the East-West Road...
Gaza attacks intensify as 12 Thais, 10 Nepalese killed in Israel
The current violence in Israel has claimed the lives of at least 12 Thai people and 10 Nepalese individuals. Eight...
INVESTIGATION: Poorly executed classroom projects force children out of school in Niger State
Once a vibrant hub of learning for pupils, Kodo Primary School now resonates a stark contrast to its former days...
SPECIAL REPORT: Shell’s inaccurate data raises questions around efforts to control methane emissions in Nigeria
Much worse for the environment than carbon dioxide, despite global efforts to control methane, emissions continue soaring. With over a...