Latest update on new naira note

As of my knowledge cutoff in March 2023, here are the latest updates on the new naira note in Nigeria:

Introduction of the New Naira Notes: The Central Bank of Nigeria (CBN) introduced new naira notes in November 2022, replacing the old N200, N500, and N1,000 notes. The new notes have enhanced security features to curb counterfeiting and improve the overall efficiency of the payment system.

Key Features of the New Naira Notes:

  1. Security Thread: The new notes have a security thread that glows pink when held under ultraviolet (UV) light.
  2. Watermark: The notes feature a watermark of the national bird, the eagle, which appears when held against light.
  3. Hologram: The new notes have a hologram stripe that changes color when tilted.
  4. Micro-Printing: The notes have micro-printed text and patterns that are difficult to replicate.
  5. Raised Printing: The notes have raised printing that provides a tactile experience for visually impaired individuals.

Challenges and Controversies:

  1. Cash Crunch: The introduction of the new notes led to a cash crunch, with many ATMs and banks running out of cash.
  2. Limited Availability: The new notes were initially in short supply, leading to long queues at banks and ATMs.
  3. Old Naira Notes Deadline: The CBN initially set a deadline of January 31, 2023, for the old naira notes to be deposited into banks, but later extended it to February 10, 2023.
  4. Penalties for Non-Compliance: The CBN imposed penalties on individuals and businesses that failed to deposit their old naira notes into banks by the deadline.

Current Status: As of March 2023, the new naira notes are widely available, and the cash crunch has largely subsided. The CBN has also relaxed some of the restrictions on the use of old naira notes, allowing them to be used for certain transactions.

Next Steps: The CBN is expected to continue monitoring the circulation of the new naira notes and addressing any challenges that arise. The bank may also consider introducing new denominations or features to further improve the security and efficiency of the payment system.

Please note that the information provided is subject to change, and it's always best to check with the CBN or other reliable sources for the latest updates on the new naira notes.