CBN Says It Has Started Distributing New Naira Notes To Banks

Central Bank of Nigeria (CBN) says it has started the distribution of the newly designed N200, N500 and N1,000 naira notes to banks, ahead of December 15 date for their formal release to the public.

CBN Governor, Godwin Emefiele said the delivery of the new notes to the banks started last Wednesday, assuring that the new notes will eventually go round.

Emefiele, speaking after a meeting with President Muhammadu Buhari in Daura, Katsina State said the old notes would co-exist with new naira notes until January 31, 2023.

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According to the CBN Governor, close to N1trillion out of the N2.73 trillion outside of the vaults of the banks had been returned to the banks since the announcement of the new notes.

The CBN governor also said that president Buhari approved the new cash withdrawal policy. He also explains that the policy may be reviewed to respond to the prevalent reality.

Recall that The Central Bank of Nigeria (CBN) has imposed fresh cash withdrawal limits from banks, ATM and PoS on individuals and organisations, with effect from January 9, 2023.

According to a New Memo to banks issued on Tuesday, the maximum cash withdrawal by individuals per week from automated teller machine, over the counter, or the point of sale shall be N100,000, or a maximum of N20,000 cash withdrawal per day.