The Central Bank of Nigeria (CBN) has begun distributing the newly redesigned Naira notes to banks in preparation for circulation from December 15, 2022.
CBN Governor Godwin Emefiele said this on Thursday during a visit to President Buhari in Daura, Katsina state.
Emefiele who said the new notes were sent to the banks on Wednesday, insisted that the timelines – in terms of December 15 for commencement and the January 31 deadline were sacrosanct.
He urged Nigerians to embrace the various electronic channels available for banking and financial service transactions in Nigeria.
“The newly redesigned N200, N500, and N1,000 banknotes are now in banks and ready for issuance to members of the public.
“The currency redesign and reintroduced cashless policies are not targeted at anybody but are for the good and development of the Nigerian economy.
”The CBN deferred the cashless policy severally to prepare and deepen Nigeria’s payments system infrastructure,” he said.
Emefiele advised Nigerians to take their old N200, N500, and N1,000 banknotes to the banks before January 31, 2023, deadline.