The Central Bank of Nigeria, CBN, says the new and existing currencies shall remain legal tender and circulate together until January 31, 2023, when the existing currencies shall cease to be legal tender in Nigeria.
The Nigeria Apex Bank announced this during a sensitisation, enlightenment and Bank Fair exercise held in Osogbo.
In a keynote address at the event, The CBN Director of Corporate Communications, Mr Osita Nwanisobi enjoined Nigerians to as a matter of policy return all the current N200, N500, and N1000 banknotes to their banks before the expiration of the deadline.
Speaking through the Acting Director, Corporate Communication of the Bank, Mr Akpama Uket, Mr Nwanisobi said the Naira remains a symbol of the country’s national pride which must be treated with utmost dignity.
The Director also urged Nigerians not to spray, squeeze, or counterfeit the Naira, as default goes with consequences.
According to him “As you all may be aware, the Central Bank of Nigeria, riding on international best practice and Section 2 (b) of the CBN Act 2007, which stipulates currency management as one of its key functions, has announced the plan to redesign, produce, release, and circulate the new series of three banknotes, out of the existing eight banknotes, comprising N200, N500, and N1000 denominations respectively, effective 15th December 2022; after its launch by President Muhammadu Buhari.”
Mr Nwanisobi also added that “some of the Bank’s interventions which have recorded significant successes in providing the needed support for businesses to grow include the Anchor Borrowers Programme (ABP); the Micro, Small and Medium Enterprises Development Fund (MSMEDF), which has supported entrepreneurship development with over N39.26 million.
Also “the Real Sector Support Facility (RSSF) through Differentiated Cash Reserve Ratio (DCRR), where disbursements to 426 projects across the country stood at N2.10 trillion as at September 2022; and the 100 for 100 Policy on Production and Productivity (PPP) with cumulative disbursement of N93.39 billion to 62 projects within the aforementioned period.
Others include the Tertiary Institutions Entrepreneurship Scheme (TIES), which has recorded total disbursement of N332.43 million; the Healthcare Sector Intervention Facility (HSIF) with cumulative disbursement of N130.54 billion for 131 projects, comprising 32 pharmaceuticals, 60 hospitals, and 39 other services.”
The CBN Director advised Nigerians to embrace the E-Naira system for their daily transactions saying the scheme has recorded over 700,000 transactions worth about N8 billion within its first year (October 2021 – October 2022)
He however, stressed that Thirty-three banks have been fully integrated and are live on the platform, while over one million customers have been onboarded and over 3,305 merchants successfully registered on the E-Naira platform across the country.
Nwanisobi pointed out that Mr Godwin Emefiele, and his team are resolute in steering the ship of Nigeria’s economy to prominence saying the focus of the Bank is macroeconomic stability – which entails building a strong, stable, and resilient economy that is self-sustaining
and able to weather unanticipated shocks.
In his welcome address, the CBN Branch Controller, Osogbo, Mrs Daphne Madojemu said the programme aimed to sensitise Nigerians on the activities of the Bank in promoting the country’s economic stability.
The controller who was represented by Acting Branch Controller, Osogbo, Mr Anthony Okoro noted that this year’s CBN Fair was unique because it was informative and well articulated on all the bank’s policies, especially on the newly introduced electronic Naira and the plan to redesign some of the bank’s notes.
Speaking at the programme, the Iyaloja General of Osun State, Mrs Hawawu Asindemade urged the Apex bank to be liberal in terms and conditions attached to facilities to women to enable them to meet their obligations, while she also pleaded that such Programme should reach the grassroots.
Adenitan Akinola
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