The Central Bank of Nigeria (CBN) says it will protect Nigerians in the unbanked, underserved and rural areas when the new naira notes are introduced and existing ones phased out.
The CBN 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 said the apex bank secured the approval of President Muhammadu Buhari to roll out new notes to replace the existing currency in circulation.
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 said.
“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.”