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New Naira Notes Circulation Meets Different Reactions From Nigerians

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Following the release of the new naira notes into circulation since Thursday, December 15th 2022, mixed reactions have trailed the development with many bank customers demanding for the notes .

Central Bank Governor, Godwin Emefiele, who on October 26th, 2022 announced the redesign of N200, N500 and N1,000 notes, disclosed that the circulation would begin by December 15th and old denominations cease to be a legal tender by January 31, 2022.

He gave reasons for the redesign as a measure to curb inflationary problems, currency counterfeiting, insecurity and other issues plaguing Nigeria.

He noted also that the currency redesign was geared at controlling currency-in-circulation as well as ransom payments to kidnappers and terrorists.

According to report by The Punch, an official of Access Bank Plc at Ojodu branch in Lagos, spoke on condition of anonymity because he was not authorised to speak on the matter, said, “Each cashier was given N100,000 of the new N1,000 bill for onward disbursements to customers seeking over-the-counter payments.

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” We don’t have the other denominations of N500 and N200 yet. We don’t have enough supply of the new notes for now.”

Meanwhile, it was reported that some customers have been rejecting the new naira notes when given to them, saying that the new notes would not be collected from them in the market and preferred the old notes.

However not all banks have started dispensing the new notes to their customers

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