Impact of CBN-Re-designed Naira Notes on Vulnerable Population in NE Nigeria – Jan 2023
On the 26th of October 2022, the Governor of CBN, Mr. Godwin Emefiele, announced that the bank will be pulling out the old naira design of N200, N500 and N1000 notes starting from the 15th of December of the same year.
Both the new and the existing banknotes will remain in circulation until January 31, 2023, when the old banknotes will cease to be regarded as legal tender. On 30th of January, a day before the initial deadline, the Governor of CBN announced that on the order of the President, the deadline had been extended to February 10, 2023.
The re-designed banknotes are meant to address the issues around currency fraud and counterfeiting, kidnapping and ransom, inflation management, and the control of currency in circulation.
Further to the redesigned naira notes and in line with the cashless policy, the CBN, on December 21, 2022, made an upward review of the weekly cash withdrawal limit to N500,000 and N5 Million for individuals and corporate entities respectively, across all channels, with a processing fee of 3% and 5% respectively for cash withdrawals above the limit, which took effect on January 9, 2023.
