- * Security Agencies To Monitor Cash Withdrawal Across Bank Counters
New Notes To Begin Circulation Ahead Of December 15 Earlier Date
Naira To Be Redesigned, Re-issued Every Five To Eighth Years Henceforth, Says CBN Gov, Emefiele
By Celestine Okafor (Editor-in-Chief) @CelestineOkaf11
The much awaited new naira notes of N200, N500 and N1,000 were formally unveiled on Wednesday, December 23, 2022, at the Council Chamber of the Presidential Villa, Abuja, by President Muhammadu Buhari. The president publicly presented the new notes during the weekly Federal Executive Council (FEC), meeting which he presided over.
The new notes which will be released for circulation before the December 15 date earlier announced by the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, however contains very strong features which would make it almost difficult for currency counterfeiters to fake, the apex bank boss has assured.
Emefiele also told State House Correspondents during an interaction, that since Nigeria has gone cashless in line with the current global trend, the nation's security agencies would monitor people making withdrawals at the bank counters to know how much was being withdrawn and also to monitor how the cash is being used.
He however stated that the CBN will equally ensure that the provisions of the law regarding the volume of money anyone should carry, is strictly complied with.
According to Emefiele, “The world has moved to cashless economy and the CBN has moved to cashless economy, too. We will restrict the volume of cash someone will withdraw over the counter. We will follow up with the person’s data to know the reason for such withdrawal".
Speaking on the redesign of the new notes, Emefiele disclosed that it has been the fiscal practice across the globe for currencies of nation's to be redesigned and re-issued periodically for circulation, but that this has not been the practice in Nigeria in the past 19 years owing to lack of political will by previous governments.
He explained that the position of the law is that the CBN, based on the powers vested in it, has the mandate to redesign and re-issue the nation's currency notes between every five and eighth years. He gave the firm assurance that henceforth, the exercise would be carried out after every five to eight years.
“In the past, I have to confess that attempts by the CBN to redesign and re-issue the naira notes have been resisted. It is only President Muhammadu Buhari that has the courage to do so", but “After today, the CBN will begin to redesign and re-issue the naira for every five to eight years,” Emefiele stated.
The CBN boss who explained that the new naira note exercise was not targeted at anyone in particular, however rejected the call by some Nigerians for the extension of time for the usage of the old naira notes. “we will not go with people that want extension of time. From today, this currency that was re-issued will become a legal tender", he declared. Emefiele added that there is no local government area in the country where there is no bank agent. He argues that there is over one million bank points spread all over Nigeria where the currency users are expected to go and lodge in their old notes.
Earlier, the CBN had announced during a press briefing held after the Monetary Police Committee meeting in Abuja that the new currency will be in circulation before December 15.
The apex bank Director of Information Technology, Rakiyat Mohammed, revealed that about 36 million Nigerians presently had no access to financial services.
Mohammed, who spearheaded the development and deployment of the eNaira, stated this on Tuesday during the Zenith Bank Tech Fair which was held in Lagos.
Delivering her presentation at the Fair which is themed ‘Future Forward,’ she said the CBN was the first Central Bank in Africa and second in the world to launch a Central Bank Digital Currency.
According to her, the development of the CBDC was borne out of the urgent need to provide “financial inclusion to the 36m Nigerians who currently lack access to financial services.”
She said, “Nigeria has the 6th most advanced retail payment system. This was according to a report by ACI. So, if you look at that report, you will see why.
“Remember, when the president launched the eNaira, he did say in the next 10 years, we expect the eNaira and its associated technologies to increase our GDP by $20bn. We are working on that.”
She further stated that in the light of emerging trends, it had become pertinent to develop a currency that was a legal tender that would be able to play in the digital economy space. (additional reports from punch). NNL.
