Update on new naira note
You're referring to the newly redesigned Naira notes in Nigeria!
As of October 2022, the Central Bank of Nigeria (CBN) has introduced new naira notes in denominations of N200, N500, and N1,000. These notes are part of a broader effort to combat counterfeiting and improve the overall efficiency of the country's payment system.
Here are some key updates on the new naira notes:
- Design changes: The new notes feature enhanced security features, including a 3D effect, color-shifting ink, and a unique serial number. The N200 note has a picture of the national monument, the National Assembly, while the N500 note features a picture of the national hero, Dr. Nnamdi Azikiwe. The N1,000 note has a picture of the national hero, Dr. Chukwuemeka Odumegwu Ojukwu.
- Old notes to be phased out: The CBN has announced that the old N200, N500, and N1,000 notes will be phased out and no longer be accepted as legal tender after a specified period. This is to encourage the public to deposit their old notes at banks and exchange them for the new ones.
- Cash withdrawal limits: To prevent hoarding and encourage the use of digital payment channels, the CBN has introduced cash withdrawal limits for individuals and corporate entities. The limits are N100,000 per day for individuals and N500,000 per day for corporate entities.
- Digital payment options: The CBN is promoting digital payment options, such as mobile banking, online banking, and card payments, to reduce the reliance on cash transactions.
- Public awareness campaign: The CBN has launched a public awareness campaign to educate the public about the new naira notes, their security features, and the benefits of using digital payment channels.
Overall, the introduction of the new naira notes is aimed at improving the efficiency and security of Nigeria's payment system, reducing the use of counterfeit notes, and promoting digital payment options.