The redesigned Naira notes are already being distributed to Deposit Money Banks all around Nigeria by the Central Bank of Nigeria (CBN).
After visiting President Muhammadu Buhari in Abuja on Thursday, CBN Governor Mr. Godwin Emefiele revealed this in a conversation with Newsmen. He said that the new currencies have now reached the banks and that it is anticipated that they will soon be distributed to the general public, who are their customers.
Emefiele had visited Buhari to reassure him that the country’s currency and any problems relating to the recently implemented cashless policy are under control.
He claims that even though there won’t be a change in policy or a change in timing, the central bank will periodically examine how this is working because there is no rigidity.
But because we are human, we will adjust the quantity, whether it is to make it little higher or somewhat lower. We aim to make sure that our people have a high quality of life.
“We can only keep pleading with Nigerians to view our strategy as we have described it. We don’t want to make their lives challenging.
“There is no need for anyone to be concerned. The CBN is keeping an eye on events, and I want to reassure everyone that we are aware of our obligations and that we will act in Nigeria’s and Nigerians’ best interests.
Emefiele stated that the senate is the legislative branch and that the CBN occasionally educates them about its policies. He added, “I am aware they have requested for certain briefings, and we will brief them.
He noted that the cashless policy had been implemented since 2012, but on about three to four occasions, the CBN had to withdraw it because it thought that Nigeria’s payment system infrastructure needed to be improved.
The CBN estimates that several electronic channels will have been set up between 2012 and 2022 to help customers perform banking and financial activities in Nigeria.
He added, “We heard about people talking about some of the people in our rural areas, but the truth is that we have 1.4 million super agents who are all over the country, in villages and LGAs. I’m sure some of their names are already on the CBN website, and we will publish the names of all these super agents.
The apex bank believes that Nigeria, the largest economy in Africa, needs to advance into the cashless economy, emphasizing that having super agents, which are distinct from banks, microfinance banks, and other financial institutions, is equivalent to saying you have 1.4 million banking points where people can conduct services.
“We cannot continue to enable a scenario where more than 85% of the money in circulation is outside the banks,” he said. Countries that are embracing digitalization are going cashless in increasing numbers.
“When we first announced it, we indicated the cash would be issued on December 15, but we had to move it up. In fact, the president announced it on November 26 rather than December 15, and I just informed you that yesterday, the banks received the new currency and began dispensing it.
He reaffirmed that it would circulate and emphasized that the old currency would be legal tender until January 31, 2023.
The painted and unpainted currencies will both be accepted as legal tender concurrently, but by January 31, the unpainted currency will no longer be valuable to you. Therefore, kindly visit your banks as soon as feasible.
