Buhari Unveils New Naira Banknotes On Wednesday

PREMIUM TIMES understands that President Mohammed Buhari will officially unveil the new naira banknotes on Wednesday unless the president changes plans in the next few hours.

The Central Bank of Nigeria has announced plans to change the design of all major Naira banknotes on October 26. She cited December 15, 2022 as the date the new banknotes will start circulating.

PREMIUM TIMES has learned that the launch of the new banknotes precedes the weekly ministerial meeting at the parliament building in Abuja.

The central bank said it would redesign the naira banknote so that it could control the amount of currency in circulation.

“These challenges primarily include: Significant hoarding of banknotes by members of the public, with statistics showing that over 85 percent of currency in circulation are outside the vaults of commercial banks,” CBN governor Godwin Emefiele had said.

“To be more specific, as at the end of September 2022, available data at the CBN indicate that N2.73 Trillion out of the N3.23 trillion currency in circulation, was outside the vaults of Commercial Banks across the country; and supposedly held by the public.

“Evidently, currency in circulation has more than doubled since 2015; rising from N1.46 trillion in December 2015 to N3.23 trillion in September.

“Evidently, currency in circulation has more than doubled since 2015; rising from N1.46 trillion in December 2015 to N3.23 trillion in September 2022. This is a worrisome trend that cannot be allowed to continue.”

In response to concerns about rural Nigerians, banks said they had arranged for simple exchanges, especially given the short timeframes for submitting old banknotes.

Banks said they are working with relevant bodies in the financial system to ensure that particularly vulnerable citizens are not at disadvantage.

“Whilst noting the progressive increase in financial access points and alternative banking channels over the years (electronic/internet banking, mobile apps, ATM, Cards/PoS, eNaira, agent banking, etc.), the Bank acknowledges that these may not be evenly distributed across all geopolitical zones and in some rural areas.

“In operationalizing this initiative, the CBN has been collaborating with relevant agencies and other stakeholders in the financial system in its execution, particularly ensuring that vulnerable citizens are not disenfranchised” a statement by the bank said on November 11.