New naira notes update

Here's the latest update on the new naira notes:

Update as of March 2023:

  1. New Naira Notes Distribution: The Central Bank of Nigeria (CBN) has announced that the new naira notes (N1,000, N500, and N200) will be distributed to commercial banks and microfinance banks across the country.
  2. Phased Distribution: The distribution of the new notes will be done in phases, with the first phase focusing on major cities and commercial centers.
  3. ATM Dispensing: The CBN has instructed banks to load the new notes on their ATMs, allowing customers to withdraw the new notes from their accounts.
  4. Cash Withdrawal Limits: To prevent hoarding and ensure the notes are circulated, the CBN has set limits on cash withdrawals from ATMs and over-the-counter transactions.
  5. Old Naira Notes Redemption: The CBN has extended the deadline for the redemption of old naira notes to June 30, 2023. After this date, the old notes will cease to be a legal tender.
  6. E-Payment Options: The CBN has encouraged the use of electronic payment options, such as mobile banking, online banking, and card payments, to reduce the reliance on cash transactions.

Important Reminders:

  1. Verify the Authenticity: Always verify the authenticity of the new naira notes by checking the security features, such as the watermark, security thread, and color-shifting ink.
  2. Report Counterfeit Notes: Report any suspected counterfeit notes to the CBN or the Nigeria Police Force.
  3. Avoid Hoarding: Do not hoard the new naira notes, as this can lead to scarcity and economic instability.
  4. Use the New Notes Wisely: Use the new naira notes responsibly and for legitimate transactions only.

Additional Resources:

  1. CBN Website: Visit the Central Bank of Nigeria's website (www.cbn.gov.ng) for more information on the new naira notes and the phased distribution plan.
  2. Nigeria Police Force Website: Visit the Nigeria Police Force's website (www.npf.gov.ng) for information on reporting counterfeit notes and other financial crimes.

Stay informed and stay safe!