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Naira Redesigning: CBN directs banks to open Saturdays

As part of initiatives to make sure full compliance with the Naira redesign deadline, the Central Bank of Nigeria (CBN) has guided banks to accept cash money deposits past cashless policy limit.

Osita Nwanisobi, director, company communications division of the CBN divulged this on Thursday on the celebration of the CBN’s wedding at the recurring 2022 Lagos worldwide profession fair.

” While Deposit Money Banks (DMBs) have been directed to quickly start returning the existing money to the CBN, they have actually also been instructed to receive the existing banknotes beyond the limit specified by the Cashless Policy without charge to consumers,” he stated.

The CBN cashless plan states an everyday advancing limitation of N500, 000 and also N3, 000,000 withdrawals as well as lodgments by company and private consumers respectively, without charges.

Nigeria’s Central Bank recently announced the redesign, manufacturing, launch, and also flow of brand-new collection of 3 banknotes out of the existing eight banknotes, comprising N200, N500, as well as N1000 religions, specifically, reliable December 15, 2022; after its launch by President Muhammad Buhari.

Represented by Samuel Okogbue, deputy director, corporate interactions division, he said the new as well as existing currencies will continue to be legal tender as well as distribute together till January 31, 2023,

According to him 33 banks have been fully integrated as well as survive the system. In addition to the foregoing, over 1.0 million customers have actually been onboarded while over 3,305 vendors have actually effectively registered on the eNaira system across the nation.

Nwanisobi said the theme of the fair, which is Connecting Businesses, Creating Value’, remains in line with the Central Bank’s strategy of regularly producing allowing plans that drive economic activities, job creation, enhanced performance, and also contribute to lasting inclusive economic development andd evelopment of the nation.

“The Central Bank of Nigeria will certainly continue to demonstrate undeviating dedication to sustaining an effective economic situation and also prudent management of the country’s huge sources as that is the only remedy to reaching Nigeria’s preferred financial destination,” the supervisor stated.

Explaining the factors for the Naira redesign, Amina Abdulmalik, deputy director, currency procedures department, CBN, stated counterfeiting as well as hoarding were the reasons for redesigning as well as presenting new banknotes.

“We have a substantial challenge of counterfeiting; Nigerians have actually established manufacturing facilities as well as are just churning out bank notes due to the fact that those banknotes do not return into the financial system.

“We are not able to fish out the counterfeits; as well as most central banks on the planet redesign when they see the level of counterfeits expanding. Yet if you do not believe in your bank notes then there’s an issue,” she claimed.

In his welcome statements, Michael Olawale-Cole, president, Lagos Chamber of Commerce and also Industry (LCCI), attracted the CBN to embrace more ingenious ways, develop appropriate policies, as well as do something about it that will drive down inflation rate and also strengthen the value of Naira.

As pertains to issuance of new Naira notes, he said the CBN should additionally think about transforming the country’s reduced money notes right into coins to help with highly repetitive retail deals and to avoid printing pieces of low-value notes with a brief life expectancy.

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