Sequel to the announcement made by the Central Bank of Nigeria (CBN) to redesign some of the naira notes, a lot of information and reactions have trailed the decision.
The CBN via its official Twitter handle addresses some facts concerning the naira redesign stating that, only the N200, N500 and N1000 naira bank notes will be redesigned and launched on the 15th of December 2022.
It noted that all other currency notes will remain as they currently are. It further revealed that there are no limits to how an individual or corporate body can deposit and no bank customer shall bear any charges for cash returned/paid into the accounts.
The present N200, N500 and N1000 naira banknotes remain legal tender till January 31st 2023, and should not be rejected as a means of exchange for the purchase of goods and services.
The CBN revealed that there are no plans to introduce N2000 and N5000 bank notes noting that all inscriptions on the existing naira notes shall remain on the new designs.
The Apex bank further stated that in order to beat the rush during this transition period, all its branches and selected branches of all commercial bank shall work from Mondays to Saturdays.
