The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, says the apex bank has commenced the distribution of the redesigned naira notes to deposit banks across the country.
Emefiele said the CBN will be reviewing the apex bank’s cashless policy, urging Nigerians not to express worry about the redesigned naira notes.
The CBN Governor said this while speaking to newsmen after a meeting with President Muhammadu Buhari at his residence in Daura, Katsina State on Thursday.
He said Buhari was satisfied with the progress the CBN has made so far, stressing that the President was “very happy and said we should carry on our work, no need to fear, no need to bother about anybody.”
He disclosed that the new currencies have been distributed to the banks, saying they will be distributed to customers (Nigerians) soon.
Emefiele stated that the redesigned naira notes will go around, stressing that the old currencies will remain legal tender until January 31, 2023.
Speaking on the newly introduced cashless policy, the CBN Governor said the apex bank will be reviewing from time to time how the policy is working “because there is no rigidity”.
He said: “We cannot continue to allow a situation where over 85 per cent of the cash that is in circulation is outside the banks. More and more countries that are embracing digitalisation have gone cashless.
READ ALSO: Emefiele: CBN, banks now have N1.5trn old notes in vaults
“We cannot continue to allow a situation where over 85 per cent of the cash that is in circulation is outside the banks. More and more countries that are embracing digitisation have gone into cashless. And I said it at different fora, that this is not targeted at anybody, it’s just meant for the good and development of the Nigerian economy and we can only continue to appeal to Nigerians to please see this policy the way we have presented it.
“We will be reviewing from time to time how this is working because I cannot say that we are going to be rigid. But it is not to say that we will reverse, it is not to say that we will change the timing, but whether it is about tricking some amount to be a little bit higher or a little bit lower, and all the rest of them.
“We will do so because we are humans, we want to make sure that we are make life good for our people. We do not want to make life difficult for them. So there is no need for anybody to worry, the central bank is monitoring what is happening and I can assure everyone that we are up and alive to our responsibilities and we will do what is right for Nigeria and Nigerians.”
The CBN boss, when asked about the apex bank’s preparation for the distribution of the redesigned naira notes said: “We are more than prepared because I said December 15 when we announced it, we said December 15 is when we will issue the cash but we have to move it forward because it leaped, the President launched it in November 26 instead of December 15 that the President unveiled it.
“And I just told you now that yesterday, the banks have received the new cash and they have started dispensing them. I can only just assured you that it will co round, let us just be calm, luckily the old currency continued to be legal tender till January 31, 2023.
“So, I want to crack a joke, both the painted (new notes) and unpainted (old notes) will operate concurrently as a legal tender. But by January 31, the unpainted one will not be useful you again, so please take it to your bank as quickly as possible.”
On the old notes, Emefiele said: “We have taken more than have a trillion and in the bank (CBN) we also have close to have a trillion. But what we have done in the central bank is to move more people from different departments into currency processing so that they can process this cash as quickly as possible and from there, banks can now move what they have with them.”
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