Commercial banks in Nigeria will today begin the issuance of new #Naira notes in accordance with the directive of the Central Bank of Nigeria.
Excited Nigerians can not wait to have their first feel of the new notes and many have rushed to the banks today to see if they would be given the new notes by theur banks.
A school proprietress Mrs Ebun Chuks said she is excited to see the new Naira notes after all the controversy that has surrounded its issuance by the CBN.
The Central Bank of Nigeria had last month announced the change of in the colour of the Naira notes. The new Naira note regime affected the colours of N200, N500 and N1000.
President Muhammadu Buhari while unveiling the new notes in Aso Rock, said the government will continue to support all initiatives introduced by the CBN to strengthen the economy.
The old and the new #Naira notes the #CBN said would continue to coexist until January 31, 2023, when the old notes would stop being a legal tender in the country.
Under the new arrangement, commercial banks are mandated to open six days of the week, from Monday to Saturday to received depositors money at no extra charge on the deposits.
The CBN has also announced the commencement of cashless monetary policy, from January 9, 2023. Under the new policy, individuals are now limited to withdrawing a maximum of N100,000 per week, while corporate orgnisations are permitted to withdraw up to N500,000 weekly on the counter (OTC). This translates to being able to withdraw N20,000 daily limit per week, per individual, while corporate organisations are limited to N100,000 daily. Also banks are mandated to load only N200 notes only on their Automatic Teller Machines (ATM).
The CBN says all measures are aimed at calling in about N2.68 trillion outside the banking system and help strengthen the nation’s transition to the credit economy.
The CBN Governor Mr Godwin Emefiele said the cashless policy is not new and it is part of measures aimed at bolstering the nation’s economic march.