Nigerian Banks Reconfigure ATMs, As New Naira Enters Circulation Today

The newly redesigned naira notes will go into circulation on Thursday (today) with Deposit Money Banks releasing the bills to their customers via over-the-counter payments.

This came about three weeks after President Buhari unveiled the new bills at a weekly Federal Executive Council meeting in Aso Rock Villa.

The President unveiled the redesigned notes across the N200, N500 and N1,000 denominations.

The Governor, Central Bank of Nigeria, Godwin Emefiele, had in October announced that apex bank would release re-designed naira notes by December 15, 2022.

He also disclosed that the old notes would cease to be regarded as legal tender by January 31, 2023.

Emefiele pointed out that the redesigning of the naira notes would help to curb counterfeit notes, and reduce ransom payments to terrorists and kidnappers.

The CBN boss said it was worrisome that 85 per cent of the total currency in circulation was being hoarded by Nigerians.

As such, he said the redesigning of the local currency would help to mop up the currency outside the banking sector, adding that out of about N3.3tn in circulation, close to N2.75tn were outside the banking sector.

Meanwhile, top officials of commercial banks confirmed to Punch correspondent on Wednesday they had received the new notes from the CBN a couple of days ago,  adding that the redesigned currency would be released to their customers effective Thursday (today).