Nigeria: Buhari to unveil new naira banknotes on Wednesday

Unless the plans change at the last minute, the unveiling of the new notes will precede the weekly cabinet meeting at the State House in Abuja.

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, PREMIUM TIMES understands.

The Central Bank of Nigeria announced on October 26 its plan to redesign all major naira banknotes. He gave December 15, 2022 as the start date for the circulation of the new banknotes.

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 notes 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 commercial bank vaults,” the Governor of the CBN, Godwin Emefield.

“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 commercial bank vaults across the country; and supposedly held by the public.

“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 that cannot continue. .”

Responding to concerns about Nigerians in rural areas, especially as the deadline for submission of the old note is short, the bank said it has made provision for easy exchange.

The bank said it was working with relevant financial system agencies in its execution, particularly to ensure that vulnerable citizens are not disadvantaged.

“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, including ensuring that vulnerable citizens are not disenfranchised,” a statement said. the bank on November 11.

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