New Naira Notes: CBN Takes ‘Beat The Rush’ Campaign to Asaba Omon-Julius Onabu in Asaba Central Bank of Nigeria (CBN) has said that it has put adequate measures in place to ensure that Nigerians fully embraced
Central Bank of Nigeria has said that it has put adequate measures in place to ensure that Nigerians fully embraced the newly designed N1,000, N500 and N200 as the country’s legal tender in order to actualise the January 31, 2023 deadline for expiration of the respective denominations of the existing old naira notes.
He pointed out that whereas the law provides for such redesign of the banknotes from time to time by the apex bank, the redesigning of the naira notes had been long overdue, adding that the benefits of the new notes are many. The CBN mandate in this regard is enshrined in Section 2 of the CBN Act 2007, he noted while longer itemizing the benefits of the banknotes redesigning.
However, the CBN Asaba Branch controller listed the benefits of redesigning to include, deepen the drive for a cashless economy, enhance the security features of the naira so as to check counterfeiting and illegal or criminal use of huge sums of cash by kidnappers and bandits as well as discourage the hoarding of bank notes by Nigerians.
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