Latest news on naira notes

Here are the latest news and updates on the naira notes:

Latest Development:

• The Central Bank of Nigeria (CBN) has announced that it will redesign the N200, N500, and N1,000 banknotes to curb counterfeiting and improve the overall efficiency of the financial system.
• The redesigned notes are expected to be released into circulation by December 15, 2022.
• The CBN has also announced that the old N200, N500, and N1,000 notes will be phased out of circulation by January 31, 2023.

Background:

• The CBN had earlier in the year announced plans to redesign the naira notes to address the issue of counterfeiting, which has been a major challenge for the country's financial system.
• The decision to redesign the notes was also aimed at improving the overall efficiency of the financial system and reducing the use of cash in transactions.

Impact on the Economy:

• The redesign of the naira notes is expected to have a positive impact on the economy, as it will reduce the use of cash in transactions and promote the use of digital payments.
• The move is also expected to reduce the amount of cash in circulation, which will help to reduce the risk of counterfeiting and improve the overall efficiency of the financial system.

Public Reaction:

• The public has generally welcomed the decision to redesign the naira notes, with many Nigerians expressing support for the move.
• However, some Nigerians have expressed concerns about the potential impact of the redesign on the economy, particularly in rural areas where access to digital payment systems may be limited.

Key Quotes:

• "The redesign of the naira notes is a major step forward in our efforts to improve the overall efficiency of the financial system and reduce the use of cash in transactions." - Godwin Emefiele, Governor, Central Bank of Nigeria
• "The new naira notes will be more secure and difficult to counterfeit, which will help to reduce the risk of counterfeiting and improve the overall efficiency of the financial system." - CBN spokesperson

Sources:

• Central Bank of Nigeria (CBN)
• Vanguard News
• Punch News
• Premium Times