Naira redesign in line with international best practice – CBN

The Central Bank of Nigeria (CBN) has said that the newly introduced electronic naira and the plan to redesign bank notes are in line with international best practice.  The CBN Director in charge of Corporate Communications, Osita Nwanisobi, said this in Osogbo during a sensitisation event to enlighten Nigerians on activities of the apex bank.  […]

The Central Bank of Nigeria (CBN) has said that the newly introduced electronic naira and the plan to redesign bank notes are in line with international best practice. 

The CBN Director in charge of Corporate Communications, Osita Nwanisobi, said this in Osogbo during a sensitisation event to enlighten Nigerians on activities of the apex bank. 

He appealed to Nigerians to always handle naira notes with care and desist from spraying banknotes at party or squeezing them.

According to him “As you all may be aware, the Central Bank of Nigeria, riding on international best practice and Section 2 (b) of the CBN Act 2007, which stipulates currency management as one of its key functions, has announced the plan to redesign, produce, release, and circulate the new series of three banknotes.”

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“The new and existing currencies shall remain legal tender and circulate together until January 31, 2023, when the existing currencies shall cease to be legal tender in Nigeria,” he said. 

“While Deposit Money Banks (DMBS) have been directed to immediately start returning the existing currencies to the CBN, they have also been instructed to receive the existing banknotes beyond the threshold stipulated by the cashless policy without charges to customers,” he said. 

CBN Branch controller in Osogbo, Mrs Daphne Madojemu, who was represented by Acting Branch controller, Osogbo, Mr, Anthony Okoro, said e-Naira and the plan to redesign some of the bank’s notes would make a positive impact on the nation’s economy. 

Participants at the event, including Mr Ibrahim Olayinka – leader of Informal workers in Osun State and one of the leaders of market women in the state, Mrs Modinat Adebowale, said the redesigning of the bank notes is a welcome development.