THE Central Bank of Nigeria, CBN, yesterday took the campaign for Nigerians to embrace the policy of the redesigned naira notes to the famous Onitsha main market, reminding the traders that the current denominations would cease to be legal tender on January 31,2023

The affected denominations are one thousand, five hundred and two hundred naira notes.

The branch controller of CBN, Awka, Mr. Benedict Maduagwu, who led the team, along with officials of commercial banks operating in Onitsha, assured the traders that they would not be charged any fee irrespective of the amount they deposited in the banks.

Describing currency management as a key function of CBN, he lamented that in recent times, Nigeria had faced several challenges that have continued to grow in scale and sophistication with unintended consequences for the integrity of both the apex bank and the country.

According to him, some of the challenges include a significant hoarding of banknotes by members of the public, with statistics showing that N2.72 trillion out of the N3.26 trillion currency in circulation as of June 2022 was outside the vaults of commercial banks across the country, and supposedly held by members of the public.

He said: “The statistics show that 84.71 percent of currency in circulation are outside the vaults of commercial banks, with only 15.29 percent in the Central Bank and commercial banks’ vaults.

“There is also the worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability, just as there is increasing ease by criminals and risk of counterfeiting

evidenced by several security reports received at the Central Bank of Nigeria.”

Maduagwu said the benefits of the currency redesign to the Nigerian economy were enormous, given that the policy would help to control inflation and bring the hoarded currency into the banking system, thereby making monetary policy more effective;

He added that it would also help with better design and implementation of monetary policy as the country would have much more accurate data on money supply and monetary aggregate.

“We believe that this exercise would help in increasing financial inclusion, moving towards a more cashless economy and ensuring greater formalization of the Nigerian economy.

“The currency redesign would also assist in the fight against corruption as the exercise would rein in the higher denomination used for corruption, and the movement of such funds from the banking system could be tracked easily.

Although the global best practice is for central banks to redesign, produce and circulate new local legal tender every five to eight years, the naira had not been redesigned in almost 19 years.

“The new design and current series would continue to circulate side by side until January 31, 2023 when the outgoing denominations would cease to be legal tender.

“We advise members of the public to ensure that they deposit cash holdings in these denominations at their commercial banks.

“There is no limit to how much a customer can deposit between now and January 31, 2023 as the CBN has suspended bank charges”.

He encouraged the traders to explore other payment channels, such as eNaira, POS, electronic transfer, USSD, internet banking, and mobile money operators and agents, for their economic activities, regretting that some Nigerians were using naira notes to design their rooms.

32 thought on “Naira redesign: CBN takes campaign to Onitsha market”
  1. Wow, incredible blog layout! How long have you been running a blog for?
    you make blogging glance easy. The whole glance of your website is magnificent, let
    alone the content! You can see similar here sklep

  2. Your blog is a true gem in the vast online world. Your consistent delivery of high-quality content is admirable. Thank you for always going above and beyond in providing valuable insights. Keep up the fantastic work!

  3. I’m truly impressed by the way you effortlessly distill intricate concepts into easily digestible information. Your writing style not only imparts knowledge but also engages the reader, making the learning experience both enjoyable and memorable. Your passion for sharing your expertise is unmistakable, and for that, I am deeply grateful.

  4. Your positivity and enthusiasm are undeniably contagious! This article brightened my day and left me feeling inspired. Thank you for sharing your uplifting message and spreading positivity among your readers.

  5. This article is a true game-changer! Your practical tips and well-thought-out suggestions hold incredible value. I’m eagerly anticipating implementing them. Thank you not only for sharing your expertise but also for making it accessible and easy to apply.

  6. Howdy just wanted to give you a quick heads up. The
    words in your post seem to be running off the screen in Internet explorer.
    I’m not sure if this is a format issue or something to do with internet browser
    compatibility but I figured I’d post to let you know. The design look great though!

    Hope you get the problem solved soon. Cheers I saw similar here: Sklep online

  7. Your passion and dedication to your craft radiate through every article. Your positive energy is infectious, and it’s evident that you genuinely care about your readers’ experience. Your blog brightens my day!

  8. Your blog is a true gem in the vast online world. Your consistent delivery of high-quality content is admirable. Thank you for always going above and beyond in providing valuable insights. Keep up the fantastic work!

  9. I wanted to take a moment to express my gratitude for the wealth of invaluable information you consistently provide in your articles. Your blog has become my go-to resource, and I consistently emerge with new knowledge and fresh perspectives. I’m eagerly looking forward to continuing my learning journey through your future posts.

  10. I must applaud your talent for simplifying complex topics. Your ability to convey intricate ideas in such a relatable manner is admirable. You’ve made learning enjoyable and accessible for many, and I deeply appreciate that.

  11. I wanted to take a moment to express my gratitude for the wealth of valuable information you provide in your articles. Your blog has become a go-to resource for me, and I always come away with new knowledge and fresh perspectives. I’m excited to continue learning from your future posts.

  12. Your enthusiasm for the subject matter shines through every word of this article; it’s infectious! Your commitment to delivering valuable insights is greatly valued, and I eagerly anticipate more of your captivating content. Keep up the exceptional work!

  13. Your unique approach to tackling challenging subjects is a breath of fresh air. Your articles stand out with their clarity and grace, making them a joy to read. Your blog is now my go-to for insightful content.

  14. I wanted to take a moment to express my gratitude for the wealth of invaluable information you consistently provide in your articles. Your blog has become my go-to resource, and I consistently emerge with new knowledge and fresh perspectives. I’m eagerly looking forward to continuing my learning journey through your future posts.

  15. This article is a true game-changer! Your practical tips and well-thought-out suggestions hold incredible value. I’m eagerly anticipating implementing them. Thank you not only for sharing your expertise but also for making it accessible and easy to apply.

  16. Your writing style effortlessly draws me in, and I find it difficult to stop reading until I reach the end of your articles. Your ability to make complex subjects engaging is a true gift. Thank you for sharing your expertise!

  17. Your storytelling prowess is nothing short of extraordinary. Reading this article felt like embarking on an adventure of its own. The vivid descriptions and engaging narrative transported me, and I eagerly await to see where your next story takes us. Thank you for sharing your experiences in such a captivating manner.

  18. Your positivity and enthusiasm are undeniably contagious! This article brightened my day and left me feeling inspired. Thank you for sharing your uplifting message and spreading positivity among your readers.

  19. I couldn’t agree more with the insightful points you’ve articulated in this article. Your profound knowledge on the subject is evident, and your unique perspective adds an invaluable dimension to the discourse. This is a must-read for anyone interested in this topic.

  20. I do consider all the concepts you’ve presented on your post.

    They are really convincing and will definitely work.
    Nonetheless, the posts are too brief for newbies. May just you please
    lengthen them a bit from next time? Thanks for the post.
    I saw similar here: Sklep internetowy

  21. Your unique approach to tackling challenging subjects is a breath of fresh air. Your articles stand out with their clarity and grace, making them a joy to read. Your blog is now my go-to for insightful content.

  22. Your writing style effortlessly draws me in, and I find it nearly impossible to stop reading until I’ve reached the end of your articles. Your ability to make complex subjects engaging is indeed a rare gift. Thank you for sharing your expertise!

  23. I’ve discovered a treasure trove of knowledge in your blog. Your unwavering dedication to offering trustworthy information is truly commendable. Each visit leaves me more enlightened, and I deeply appreciate your consistent reliability.

  24. Hi there! Do you know if they make any plugins to help with Search Engine Optimization? I’m trying to get my blog to rank for some targeted keywords
    but I’m not seeing very good gains. If you know of any please share.
    Kudos! You can read similar text here: Najlepszy sklep

  25. Hey! Do you know if they make any plugins
    to assist with SEO? I’m trying to get my blog to rank for some
    targeted keywords but I’m not seeing very good gains.

    If you know of any please share. Thank you! You can read similar art here: Najlepszy sklep

  26. Hey there! Do you know if they make any plugins to
    help with SEO? I’m trying to get my blog to rank for some targeted keywords but I’m not seeing
    very good results. If you know of any please share.

    Appreciate it! You can read similar art here: Najlepszy sklep

  27. Hey! Do you know if they make any plugins to help with Search Engine Optimization? I’m trying to get
    my blog to rank for some targeted keywords but I’m not seeing very good gains.
    If you know of any please share. Many thanks! You can read similar article
    here: E-commerce

  28. Hello! Do you know if they make any plugins to assist with SEO?
    I’m trying to get my blog to rank for some targeted keywords but I’m not seeing very good success.

    If you know of any please share. Cheers! You can read
    similar blog here: Najlepszy sklep

Leave a Reply

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