Naira Redesign: CBN Pledges To Protect Nigerians In Rural Areas

The CBN had on October 26, 2022 said it will redesign the N200, N500, and N1,000 notes in order to take control of the currency in circulation.

Ahead of the planned redesign of the naira, the Central Bank of Nigeria (CBN) has pledged to protect Nigerians in the unbanked, underserved and rural areas.

The apex bank had on October 26, 2022 said it will redesign the N200, N500, and N1,000 notes.

CBN Governor, Godwin Emefiele, who announced this during a special press briefing, said the new design and issues will be effective from December 15, 2022.

He had explained that the apex bank secured the approval of President Muhammadu Buhari to roll out new notes to replace the existing currency in circulation.

About three weeks after the announcement, the apex bank issued a statement, saying it had been collaborating with relevant agencies and other stakeholders in the financial system to ensure that vulnerable citizens were not disenfranchised.

In a statement, CBN’s Director of Corporate Communications, Osita Nwanisobi said some progress had been as there had been increased currency deposits across banks and other financial institutions.

“The CBN remains committed to the seamless implementation of the initiative to ensure the achievement of its objectives to preserve the integrity of the local legal tender by reducing the significant amount of cash outside the banking system and its use in criminal activities, curtail counterfeiting, and promote financial inclusion, amongst others,” the statement read.

“Whilst noting the progressive increase in financial access points and alternative banking channels over the years (electronic/internet banking, mobile apps, ATM, Cards/PoS, eNaira, agent banking, etc.), the Bank acknowledges that these may not be evenly distributed across all geopolitical zones and in some rural areas.

Currency Redesign: Central Bank of Nigeria Commits to protecting Nigerians in unbanked, underserved and rural areas.#nairaredesign #efina_nigeria #nigeria pic.twitter.com/bAiGfwAYnm

— Central Bank of Nigeria (@cenbank) November 13, 2022

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