Tag: Naira

Redesigned Naira notes now in banks – CBN Gov, Emefiele

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele has said the newly redesigned Naira notes are already in banks and ready for issuance.

According to multiple tweets on CBN’s official handle, Emefiele made the statement at Daura while on a visit to brief President Muhammadu Buhari on the Naira redesign and the recently reintroduced cashless policy.

He said that the currency redesign and reintroduced cashless policies were not targeted at anybody but were for the good and development of the Nigerian economy.

The CBN governor urged Nigerians to embrace the various electronic channels available for banking and financial service transactions in Nigeria.

“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 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,” he said.

Emefiele advised Nigerians to take their old N200, N500, and N1,000 banknotes to the banks before January 31, 2023, deadline.

The apex bank had announced plans to redesign certain denominations of the Naira during its Monetary Policy Committee (MPC) meeting on Oct. 26.

It, thus, set Dec. 15 as the official start date for the circulation of the new naira notes, which Buhari unveiled on Nov. 23.

The CBN also, recently, issued a revised cash withdrawal policy, stating that cash withdrawals above N100,000 and N500,000 for individuals and corporate organisations will henceforth attract five per cent and 10 per cent, respectively.

December 9, 2022
UPDATE: Read full statement by CBN restricting cash withdrawal

The Central Bank of Nigeria (CBN) on Tuesday announced a new policy that mandates banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively, per week.

TheNewsGuru.com (TNG) reports the restriction on cash withdrawal was contained in a circular titled: “Naira Redesign Policy – Revised Cash Withdrawal Limits”, which was signed and released by Haruna B. Mustafa, CBN’s Director of Banking Supervision.

The circular reads in full below:

Further to the launch of the redesigned Naira notes by the President of the Federal Republic of Nigeria, on Wednesday, November 23, 2022 and in line with the Cash-less policy of the CBN, all deposit money banks (MBs) and other financial institutions (OFIs) are hereby directed to note and comply with the following:

1. The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be M100,000 and N500,000 respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.

2. Third party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist.

3. The maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day.

Only denominations of N200 and below shall be loaded into the ATMs.

The maximum cash withdrawal via point of sale (PS) terminal shall be N20,000 daily.

In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed N5,000,000.00 and N10,000,000.00 for individuals and corporate organisations, respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.

Further to (6) above, you are required to obtain the following information at the minimum and upload same on the CB portal created for the purpose:

a. Valid means of identification of the payee (National ID, International Passport, Driver’s License).

b. Bank Verification Number (BVN) of the payee.

c. Notarized customer declaration of the purpose for the cash withdrawal.

d. Senior management approval for the withdrawal by the Managing Director of the drawee, where applicable.

e. Approval in writing by the MD/CEO of the bank authorising the withdrawal.

Please further note the following:

i. Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision Department.

ii. Compliance with extant AML/CFT regulations relating to KYC, ongoing customer due diligence and suspicious transaction reporting etc. is required in all circumstances.

iii. Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions.

Finally, please note that aiding and abetting the circumvention of this policy will attract
severe sanctions.

The above regulatory directives take effect nationwide from January 9, 2023

December 6, 2022
BREAKING: CBN puts restriction on cash withdrawal

The Central Bank of Nigeria (CBN) has announced a new policy that mandates banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively, per week.

TheNewsGuru.com (TNG) reports the revised cash withdrawal limits are contained in a circular issued by CBN on Tuesday, which the apex bank says will take effect nationwide on January 9, 2023.

The new policy stated that the maximum cash withdrawal via automated teller machine shall be restricted to N100,000 subject to a maximum of N20,000 cash withdrawal per day and further restricted point of sales (POS) withdrawal to N20,000 daily.

It further stated that only denominations of N200 and below shall be loaded in automated teller machine (ATM).

The new policy, according to CBN encourages customers to use alternative channels such as internet banking, Mobile banking app, USSD, eNaira, e.t.c. for financial transactions.

After the policy takes effect, all cash withdrawals in excess of the stated limits will attract processing fees of 5% and 10%, respectively.

The new policy is coming barely weeks after President Muhammadu Buhari launched the newly redesigned N200, N500, and N1000 banknotes.

ALSO READ || UPDATE: Read full statement by CBN restricting cash withdrawal

December 6, 2022
CBN opens up on redesigning other Naira denominations

The Central Bank of Nigeria (CBN) has disclosed, contrary to rumours of printing other Naira denominations apart from the redesigned N1000, N500 and N200, that no other denominations would be printed.

TheNewsGuru.com (TNG) reports Director of Currency Operations at CBN, Ahmed Umar made the disclosure in Port Harcourt, Rivers State at a workshop for business editors and members of the Finance Correspondents Association of Nigeria (FICAN) on Tuesday.

Recall videos of some bundles of new N5,000 notes with the name of the Central Bank of Nigeria clearly printed on them, circulated on WhatsApp immediately after the apex bank announced plans to redesign the N200, N500, and N1,000 notes in October.

Umar, represented by Amina Halidu-Giwa, the Head, Policy Development Division, Currency Operation Department of the apex bank, stressed the CBN has no plan to introduce N5,000 denominated banknote as being speculated.

Umar who spoke on the topic, “Redesign of the Naira: Benefits to the financial system and the Nigerian economy”, said the apex bank was not carrying out note restructuring.

“We are not introducing any new note because there was noise, some people have seen one N5000 note that we don’t know about,” he said.

He explained that if the apex bank wanted to carry out note restructuring, it would need to coin the lower bills, like the N100 note for example.

He also said that the apex bank had not made any provision for exchange in the redesigned note, adding that what it was printing would only replace the currencies withdrawn.

“What we are printing is going to be very limited because we want other means of settling transactions to be used.

“Because Nigerians and cash, there seems to be a problem. And it will give us enhanced visibility and control of the currency. We will also be able to control the number of banknotes outside ,” he said.

Umar also disclosed that the CBN was not making money from the printing of the new notes contrary to insinuations.

He said that it was just a continuous process of printing money by the Nigerian Security Printing and Minting Plc, adding that no contract was given to outsiders for the printing.

Fielding questions on why the redesign was so simple, he said ”we want to solve a problem and we have limited time to do that.

”Redesigning is about a change of colour or size. The ink itself is a security feature,” he said.

Umar said that the redesign of the notes was long overdue noting that the N1000 notes had stayed for 17 years, N500 for 21 years and N200 for 22 years.

He said the naira redesign will encourage expanded financial inclusion and other forms of electronic transactions.

According to him, it will discourage the excessive carrying of cash and encourage other electronic means of transactions.

He said that when the un-banked were fully captured in the financial system, it would help form adequate data for effective planning for greater economic growth.

”Naira redesign will also help in reducing cash management expenditures, give visibility and control and will help the bank to know the volume of money in circulation.

”It will also help in fighting counterfeiting and money laundering,” he said.

November 29, 2022
See key features of the newly unveiled N1000, N500 and N200 notes

President Muhammadu Buhari unveiled the new series of N1,000, N500 and N200 banknotes proposed by the Central Bank of Nigeria (CBN) today in Abuja at the commencement of the Federal Executive Council meeting.

Buhari said during the unveiling ceremony that the redesigned notes will help address illicit financial flows and corruption, thereby improving the nation’s economy and boosting the value of the Naira.

The first set of the newly unveiled Naira note series was printed locally by the Nigeria printing and minting company and is expected to fundamentally prevent counterfeiting of the currency.

While the CBN is yet to disclose the distinct features of the redesigned banknotes, a major notable difference is the colours.

Basically, the hue and saturation of the new Naira notes differentiate them from the old ones. The new Naira notes appear less bold, while the portraits and dimensions appear to remain the same.

Old vs New Banknotes

The old N1000, N500 and N200 banknotes which are the highest currency denominations in circulation, have dimensions measuring 151mm x 78mm.

Machine-engraved patterns of various characters provide the tactile quality essential to the security of the banknotes, in addition to the Optical Variable Ink (OVI) triangle on the N1,000 note, and a kinegram and iridescent band.

TNG reports that the portraits on the new Naira notes remained the same as those on the old Naira notes. Alhaji Aliyu Mai Bornu and Dr. Clement Isong remained on the N1,000 note while Dr. Nnamdi Azikiwe and Alhaji Sir Ahmadu Bello remained on the N500 and N200 notes, respectively.

Meanwhile, Nigerians are already reacting to the redesign of the banknotes, with many expressing disappointment that the designs did not meet expectations.

A businessman in Lagos Nnamdi Ezejiofor told this medium that for him, there was nothing exciting about the new notes which he said was merely a recolouration, instead of a redesign.

“Nothing to see here, just the new N200 naira looking like old N500, new N500 looking like old N200 and new N1000 looking like a combination of old N1000 and N50 naira,” he said.

On social media, many Nigerians have slammed the apex bank over the unveiled redesigned banknotes which they say lacks creativity, is a complete waste of resources and might be easy to counterfeit.

Adedeji Oludele wrote on Facebook: “Does it increase the value? Or will it wipe off the untold hardship our leaders created with their greed? The re-design makes close to no sense.”

However, the Governor of the CBN Godwin Emefiele said on Wednesday, that the redesigned currency notes can never be counterfeited, adding that the Bank will redesign the notes after every five to eight years to forestall such occurrence.

Emefiele also stressed that there will be heavy restriction on the volume of cash that can be withdrawn over the counter, as the CBN will work with the Economic and Financial Crimes Commission (EFCC) to monitor the purpose of all heavy transactions.

The newly redesigned N1000, N500 and N200 banknotes will be formerly launched on 15th December and will circulate side-by-side with the old notes until 31st January, 2023 when the older notes will cease to be legal tender.

November 23, 2022
Naira design: After this, Nig to change features of notes every 5-8yrs- Emefiele

The Central Bank of Nigeria Governor, Godwin Emefiele has explained the features of the redesigned notes.

Emefiele told State House Correspondents that it was in line with global best practices, noting that it was mandatory for the naira to be redesigned and re-issued every five to eight years.

The Central Bank of Nigeria Governor, Godwin Emefiele has explained the features of the redesigned notes.

Emefiele told State House Correspondents that it was in line with global best practices, noting that it was mandatory for the naira to be redesigned and re-issued every five to eight years.

According to him, it is regrettable that the naira has not been redesigned for the past 19 years owing to lack of political will from previous administrations.

“In the past, I have to confess that attempts by the CBN to redesign and re-issue the naira notes have been resisted. It is only President Muhammadu Buhari that has exhibited the courage to do so,” he stated.

Emefiele said it was the mandate of the CBN, to redesign and re-issue the notes, stressing that the exercise would become a regular trend after five to eight years.

His words,”After today, the CBN will begin to redesign and reissue the naira for every five to eight years”

The CBN governor said that Nigeria has gone cashless and that security agencies would monitor people making withdrawal at the counter to know how much withdrawn and also monitor the usage of the money.

He debunked insinuations that the policy was targeted at anyone, especially the political class.

He said that the CBN was determined in ensuring that the provision of the law on volume of money one should carry is followed.

“The world has moved to cashless economy and the CBN has moved to cashless economy. We will restrain the volume of cash someone will withdraw over the counter. We will follow up with the person’s data to know the reason for such withdrawal,” he said.

Commenting on calls for extension of time for the usage of old notes, the CBN boss said, “we will not go with people that want extension of time. From today, this currency that was reissued will become a legal tender.”

Emefiele also said there is no local government area in the country where there is no bank agent, insisting that there is over one million points across the country that people should go and deposit the old notes.

The CBN boss also boasted that the new naira notes cannot be counterfeited because of the features in them.

November 23, 2022
What President Buhari said about new Naira notes

President Muhammadu Buhari has inaugurated the new Naira banknotes, expressing delight that the redesigned currencies were locally produced by the Nigerian Security Printing and Minting (NSPM) Plc.

Speaking at the inauguration of the new banknotes which preceded the Federal Executive Council (FEC) meeting on Wednesday in Abuja, Buhari explained in detail the basis for his approval to the Central Bank of Nigeria (CBN) to redesign the ₦‎200, ₦‎500 and ₦‎1000 banknotes.

According to the president, the new Naira banknotes have been fortified with security features that make them difficult to counterfeit.

He added that the new banknotes would help CBN to design and implement better monetary policy objectives, as well as enrich the collective memory of Nigeria’s heritage.

Buhari commended the CBN Governor, Godwin Emefiele and his Deputies for the initiative.

He equally thanked the Managing Director, Executive Directors and staffers of NSPM PLC “for working tirelessly with the apex bank to make the currency redesign a reality, and for printing the new Naira notes within a comparatively short time.”

According to him, international best practice requires central banks and national authorities to issue new or redesigned currency notes every five to eight years.

Buhari said that it was now almost 20 years since the last major redesign of the country’s local currency was done.

The president said that implied that the Naira was long overdue to wear a new look.

“Buhari said: ‘A cycle of banknote redesign is generally aimed at achieving specific objectives, including but not limited to: improving security of banknotes.

”It is also aimed at mitigating counterfeiting, preserving the collective national heritage, controlling currency in circulation, and reducing the overall cost of currency management.

“As is known, our local laws, specifically the Central Bank of Nigeria Act of 2007, grants the CBN the power to issue and redesign the Naira.

“In line with this power, the bank’s Governor approached me earlier in this year to seek my permission to embark on a currency redesign project.

”I considered all the facts and reasons presented before me by the Central Bank.”

Buhari, therefore, expressed the hope that the new notes would address the urgent need to take control of currency in circulation.

He said that it would also address the menace of hoarding Naira banknotes outside the banking system and curb the shortage of clean and fit banknotes in circulation.

Buhari added that the redesigned notes would also address the increase in counterfeiting of high-denomination Naira banknotes.

”It is on this basis that I gave my approval for the redesign of the ₦‎200, ₦‎500 and ₦‎1000 banknotes.

“While this may not be apparent to many Nigerians, only four out of the 54 African countries print their currencies in their countries, and Nigeria is one.

”Hence, a majority of African countries print their currencies abroad and import them the way we import other goods.

“That is why it is with immense pride that I announce to you that these redesigned currencies are locally produced right here in Nigeria by NSPM Plc,” he said.

In his remarks, Emefiele thanked the president for his unwavering support for the redesign and distribution of the new notes.

According to him, the new notes will control inflation, make policies more effective, ensure financial inclusion and fight corruption.

The CBN governor also said that by international best practice, the redesign of notes should be every five to eight years.

He said,” and the currency in circulation had been in use for 19 years, with spiraling challenges on the economy, especially on security and counterfeiting.”

Emefiele also appreciated the president for his insistence that the initial notes must be designed and produced within the country, further placing confidence in NSPM Plc.

“Mr. President, only a President of your esteemed and incorruptible stature could have done what we are witnessing today,’’ he added.

Emefiele listed more benefits of the redesigned naira notes to include enhanced security, greater durability, attractiveness and promotion of rich cultural heritage.

November 23, 2022
See first photos of redesigned Naira notes released by CBN

President Muhammadu Buhari today unveiled the N200, N500, and N1,000 banknotes redesigned by the Central Bank of Nigeria (CBN).

TheNewsGuru.com (TNG) reports President Buhari unveiled the redesigned Naira notes at the Federal Executive Council (FEC) meeting.

The newly unveiled Naira notes will replace the old denominations of the N200, N500, and N1,000 banknotes, which the CBN said will cease to be legal tender from January 31st 2023.

See first photos of the redesigned Naira notes as released by the CBN below:

The new N1,000 banknote as released by CBN

The new N500 banknote as released by CBN

The new N200 banknote as released by CBN

Bundles of the newly redesigned 200, 500 and 1,000 Naira notes, unveiled today by President Muhammadu Buhari

November 23, 2022
BREAKING: President Buhari unveils new Naira notes

President Muhammadu Buhari has unveiled the new N200, N500 and N1,000 banknotes, redesigned by the Central Bank of Nigeria (CBN).

TheNewsGuru.com (TNG) reports President Buhari unveiled the new Naira notes at the Council Chamber of the Presidential Villa Abuja on Wednesday.

The unveiling of the new Naira notes preceded the virtual meeting of the Federal Executive Council (FEC) with a number of cabinet members in attendance.

The unveiling of the new redesigned notes hitherto slated for Dec. 15 was brought forward to Wednesday by the Central Bank of Nigeria (CBN).

CBN Governor, Godwin Emefiele, who announced the shifting of the date on Tuesday at a media briefing to mark the end of the 288th Monetary Policy Committee meeting and the last in 2022, urged those in possession of the old notes to hurriedly deposit them at the nearest bank branch.

This, he said, would enable them to beat the Jan. 31, 2023 deadline to dispose of the old notes.

November 23, 2022
Why we did not consider diaspora Nigerians in Naira notes redesign – CBN

Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele has opened up on why the apex bank did not consider diaspora Nigerians in its naira redesign decisions.

TheNewsGuru.com (TNG) reports President Muhammadu Buhari will unveil the new N200, N500, and N1,000 banknotes at today’s Federal Executive Council (FEC) meeting.

Speaking to newsmen after the Monetary Policy Committee (MPC) meeting on Tuesday, Emefiele said the apex bank did not consider diaspora Nigerians in its naira redesign decisions because “they are not supposed to be spending the Naira”.

Recall that the unveiling of the redesigned naira notes was moved by CBN from December 15 to Wednesday, November 23.

“We will no longer wait till Dec.15 to unveil to new Naira notes, Mr President has graciously accepted to unveil the notes on Wednesday.

“We thank Mr President, not just because he gave approval to the CBN to embark on this programme in line with provisions of the CBN Act.

“We also thank Mr President because at a time when we were beginning to face criticism, without being prompted, he has come out twice to defend the action of the CBN.

“We thank him for this and other supports the CBN has received from him over the past seven years,” Emefiele said.

The CBN governor also thanked the National Assembly for its support in spite of pressure to do otherwise; security agencies like the Economic and Financial Crimes Commission (EFCC), and Nigerians in general.

According to him, the deadline for depositing the old notes in banks will not be extended.

“We will not shift any deadline. What we have done is not against the law. We announced this programme on Oct. 26, and we said that upon release of the new currency, its legal tender status will run concurrently with the old currency until Jan. 31,2023.

“That is almost 100 days. 100 days is enough for people across the country to deposit their old currencies in banks. We have made adequate provisions for them be able to deposit their old currencies,” he said.

November 23, 2022