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Reading: CBN begins education on new redesigned naira notes
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Education

CBN begins education on new redesigned naira notes

 The Central Bank of Nigeria has begun educating Nigerians about the newly redesigned naira notes, urging them to "accept, spend, and handle...

Precious John ELIJAH
Precious John ELIJAH December 28, 2022
Updated December 28, 2022 at 1:04 PM
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CBN begins education on new redesigned naira notes
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 The Central Bank of Nigeria has begun educating Nigerians about the newly redesigned naira notes, urging them to "accept, spend, and handle them with care."

The CBN said in a tweet on Wednesday that "the redesigned series of 200, 500, and 1000 Naira bank notes are now in use; let us accept them, spend them, and handle them with care."

The apex bank also stated in the short video that "the new notes come with enhanced security features and greater durability to prevent counterfeiting," while encouraging Nigerians to use caution when dealing with them.

On December 15, the newly recolored N1,000, N500, and N200 bills became legal tender. Nonetheless, some traders are still reluctant to accept them.

Old notes would cease to be legal tender by January 31, 2023, according to the CBN.

In October, CBN Governor Godwin Emefiele announced plans to redesign the denominated notes, alleging that over 80 per cent of the notes in circulation are outside bank vaults and are being hoarded for illegal and criminal businesses.

Tags: Education

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