By Ed Malik, A | October 31, 2022

As earlier reported by, CBN Governor, Godwin Emefiele, disclosed at a special press briefing in Abuja on Wednesday October 26, that the apex bank will redesign the higher denominations of our currencies, specifically the N200, N500 and N1000 notes.

The CBN consequently, advised Nigerians to take old notes to banks for the new notes as soon as the new ones hit circulation.

Emefelie said that, the reason the CBN thought to redesign the affected Naira notes was because the bulk of the nation’s currency notes was outside bank vaults, noting that the CBN would not allow the situation to continue.

He said: “To be more specific, as at the end of September 2022, available data at the CBN indicates that N2.7 trillion out of the N3.3 trillion currencies in circulation was outside the vault of commercial banks across the country and supposedly held by members of the public.”

CBN Governor, Godwin Emefiele

“Evidently, currency in circulation has more than doubled since 2015, rising from N1.46 trillion in December 2015 to N3.2 trillion as at September 2022. I must say that this is a worrisome trend that must not be continued to be allowed.”

A checklist of the expected changes, includes:

  1. Banks must only accept cash from customers with full KYC and bank accounts.
  2. Cash must only be paid into customers’ accounts. Cash must not be paid into ledgers or suspense accounts.
  3. CBN and EFCC will be tracking all deposits.
  4. Old currency will become useless on the 31st of January 2023.
  5. It’s an opportunity to leverage on our branch network to drive funding of accounts.
  6. It will drive digital adoption and opening of new accounts.
  7. CBN will no longer print large quantities of Cash. New cashless policy to be announced in January
  8. Banks that receive cash from non-account holders or customers will be penalized by CBN and EFCC.

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