• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, June 8, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

As New Currencies Remain Scarce, CBN Urges Nigerians To Be Patient

by Bukola Idowu
2 years ago
in Business, News
CBN
Share on WhatsAppShare on FacebookShare on XTelegram

On Thursday last week, December 15, 2022, commercial banks across the nation commenced the dispensing of the newly redesigned N200, N500 and N1,000 Naira notes. Although, many banks’ branches are yet to begin to give out the new notes, a few branches and Automated Teller Machines (ATMs) are already dispensing the new notes.

Advertisement

The Central Bank of Nigeria (CBN) had on October 26 announced that it will be redesigning the new notes.  The CBN governor, Godwin Emefiele had said the plan to redesign the higher denomination notes was a way of curbing inflation, as well as reducing the amount of cash outside of the banking halls. Since the redesigning of the Naira was announced, more than N2 trillion had been pulled back into the vaults of banks as well as that of the CBN.

The policy had also received the backing of president Muhammadu Buhari, who on November 23, 2022, unveiled the new Naira notes, weeks before the December 15, 2022 date, set by the apex bank. According to the timetable set by CBN, the new notes will be dispensed from December 15, 2022 and run concurrently with the old notes. However, the old notes will no longer be legal tender effective January 31, 2023.

Growl Over New Naira

An entrepreneur residing in Abuja, Halima Dankwat says, “I went to the bank this morning to resolve an issue with my account. On my way out I decided to use the ATM. I was surprised that it was still dispensing old notes! When I asked a staff, they told me to come back later in the day or tomorrow. How frustrating,” she concluded.

RELATED

We Suffered In Hands Of Bandits, Kukah’s Brother Narrates Experience

Boko Haram Abducts Catholic Priest, 9 Others, Kills 1 In Borno

4 hours ago
Youth Empowerment On The Radar Of Dikko Radda

Katsina Govt Moves Against Threats To Peace, Stability

4 hours ago

The CBN Governor had stressed that there will be no going back on the January 31, 2023 deadline given for Nigerians to deposit the existing naira notes in the banks in exchange for the newly redesigned notes, no wonder the agitation of Nigerians to get the newly redesigned notes. “Please deposit your money because by 31 of January 2023 only the new notes are what is useful and you will have to dump the old ones. Nigerians will see less cash in circulation,” Emefiele stated.

He also noted that CBN is more than prepared for the transition from old notes to new notes within the stipulated period. “I said December 15 when we announced it.  We said that will be when we issue the cash, but we have to move it forward as the president unveiled it on November 26 and yesterday the banks have received the new cash and will start dispensing them. 

“I can assure everyone that it will go round but let us be calm and be patient. Luckily the old currency continues to be legal tender until January 31 2023.”


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

START EARNING US DOLLARS as a Nigerian ($35,000) monthly. Companies are sacking their workers due to AI (artificial intelligence), business owners are in panic mode. Only the smart will make it. Click here


SendShareTweetShare
Previous Post

UNIABUJA Promotes 49 Lecturers To Professorial Rank

Next Post

2022: A Beehive Of Activities For Hon Imaan Sulaiman-Ibrahim And NCFRMI

Bukola Idowu

Bukola Idowu

You May Like

We Suffered In Hands Of Bandits, Kukah’s Brother Narrates Experience
News

Boko Haram Abducts Catholic Priest, 9 Others, Kills 1 In Borno

2025/06/08
Youth Empowerment On The Radar Of Dikko Radda
News

Katsina Govt Moves Against Threats To Peace, Stability

2025/06/08
Contractors, Delta Govt Trade Blame Over Alleged N78bn Contract
News

Delta Govt Approves Repair Of Palace Road, N6.7bn UBEC Grant

2025/06/08
HURIWA Urges Federal Gov’t To Immortalise Mike Ejeagha
News

HURIWA Urges Federal Gov’t To Immortalise Mike Ejeagha

2025/06/08
Private Sector Participation Critical To  Development Of Niger Delta – Expert
News

NDDC Will Sustain Support For Digital Transformation In Niger Delta, Says Ogbuku

2025/06/08
Edo Gov’t Directs Okpella Kingmakers To Begin Selection Of New Okuokpellagbe
News

Gov Eno’s Defection Will Unlock Opportunities In South-South – Okpebholo

2025/06/08
Leadership Conference advertisement

LATEST

Boko Haram Abducts Catholic Priest, 9 Others, Kills 1 In Borno

Katsina Govt Moves Against Threats To Peace, Stability

Delta Govt Approves Repair Of Palace Road, N6.7bn UBEC Grant

HURIWA Urges Federal Gov’t To Immortalise Mike Ejeagha

NDDC Will Sustain Support For Digital Transformation In Niger Delta, Says Ogbuku

Gov Eno’s Defection Will Unlock Opportunities In South-South – Okpebholo

No Trust, No Police

Risk Managers Seek Review Of Nigeria’s Early Warning Systems

$300m AMCE To Curb Medical Tourism Drain

COAS Lauds Army Veterans, Reaffirms Support For Welfare

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.