CBN begins distribution of redesigned Naira notes to bank

The Central Bank of Nigeria (CBN) has begun distributing the newly redesigned Naira notes to banks in preparation for circulation from December 15, 2022.

CBN Governor Godwin Emefiele who disclosed this during a visit to President Buhari in Daura, Katsina state, said the new notes were sent to the banks on Wednesday, insisted that the timelines – in terms of December 15 for commencement and the January 31 deadline were sacrosanct.

He also disclosed that CBN may tinker with the new policy on cash withdrawal limits.

“Since the announcement of the new policy, CBN has taken more than N500 billion from the banks and have also deposited close to that number there,”

“Only yesterday, the new currency has now reached the banks and we believe that the banks will begin to distribute them to the members of the public who are their customers,” the governor stated, adding that the visit was also to assure the president of no hitches so far in the implementation process,” Emefiele stated.