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500 million mints of redesigned notes in circulation

The Central Bank of Nigeria (CBN) says it received 500,000,000 pieces of mints of the redesigned naira notes for onward distribution nationwide.

Deputy Governor, Finance System Stability of the apex bank, Aisha Ahmed, made the disclosure when she appeared before the House of Representatives to brief the lawmakers on the Cash Withdrawal Policy of the apex bank.

She said the Cashless Policy was first launched in 2012 and has been amended severally due to feedback from Nigerians.

She noted that the policy was not aimed at prohibiting people from spending their money but to “protect the cost of moving cash, Promote Nigeria’s positive image, Protect people from Armed robbery and other related advantages”.

While responding to questions from lawmakers, the Deputy Governor said that CBN decisions are always based on research.

According to her, there is an ongoing mass awareness of the withdrawal limits, new notes, and features of the new notes.

“The reason we have agents is because of the policy. We have made sure that the citizens are not disenfranchised. We are collaborating with the National Orientation Agency on mass sensitisation to make people aware of what we are doing”, she said.

When asked by the Speaker, Femi Gbajabiamila why the short duration given for the retrieval of the old notes compared to the Bank of the UK, the Deputy Governor, said that it was a “global best practice”.

Reporting by Ibrahim Shehu; Editing by Muzha Kucha