New Naira note: CBN sensitises Osun residents

By Idris Bakare

The Central Bank of Nigeria has organised an enlightenment fair for residents of Osun State on the introduction of new naira notes among other activities of the bank.

During the sensitisation programme, the Apex Bank also urged residents to ensure they returned current naira notes before the deadline of January 31, 2023.

Speaking during the event in Osogbo, the bank’s Director, Corporate Communications, Osita Nwanisobi, said naira remained the country’s pride and must be treated with dignity.

Nwanisobi, who was represented by the CBN’s Acting Director, Corporate Communications, Akpama Uket, said, “As you all may be aware, the Central Bank of Nigeria, riding on international best practice and Section 2 (b) of the CBN Act 2007, which stipulates currency management as one of its key functions, has announced the plan to redesign, produce, release, and circulate the new series of three banknotes, out of the existing eight banknotes, comprising N200, N500,and N1,000 denominations, respectively, effective 15th December 2022; after its launch by President, Major General Muhammadu Buhari (Rted.).

“The new and existing currencies shall remain legal tender and circulate together until January 31, 2023, when the existing currencies shall cease to be legal tender in Nigeria.

“While Deposit Money Banks have been directed to immediately start returning the existing currencies to the CBN, they have also been instructed to receive the existing banknotes beyond the threshold stipulated by the cashless Policy without charges to customers.”