Update on new naira note today

As of today, there have been several updates on the new naira note in Nigeria. Here are some of the latest developments:

  1. New Naira Note Design: The Central Bank of Nigeria (CBN) has unveiled the new design of the N1,000, N500, and N200 notes. The new notes feature a more secure and advanced security features, including a 3D effect, watermarks, and a unique serial number.
  2. Phasing Out of Old Notes: The CBN has announced that it will start phasing out the old Naira notes from circulation, starting from January 31, 2023. This means that old notes will no longer be accepted as legal tender after this date.
  3. New Notes Distribution: The CBN has begun distributing the new notes to commercial banks, which will then dispense them to customers. However, there have been reports of limited availability of the new notes, with many banks still holding onto the old notes.
  4. ATM Withdrawals: Many ATMs across the country are still dispensing old notes, which has caused confusion among customers. The CBN has advised banks to ensure that ATMs dispense only new notes.
  5. Cash Withdrawal Limits: To manage the transition to the new notes, the CBN has imposed cash withdrawal limits on individuals and corporate organizations. The limits are N100,000 per day for individuals and N500,000 per day for corporate organizations.
  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.
  7. Public Education Campaign: The CBN has launched a public education campaign to inform Nigerians about the new notes and the need to return old notes to the banks.

It's essential to note that the transition to the new notes may take some time, and there may be some disruptions to normal banking activities. It's crucial to stay informed and follow the guidelines provided by the CBN to ensure a smooth transition.