CBN to circulate new series of banknotes effective December 2022

By Zion Rufus

CBN Governor, Godwin Emefiele has announced the finalised arrangements for the circulation of new series of banknotes from December 15, 2022 following the approval of President Muhammadu Buhari redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels.

Emefiele who made this disclose during a press briefing today shared that the new and existing currencies shall remain legal tender and circulate together until January 31, 2023 when the existing currencies shall cease to be legal tender.

According to Emefiele, all Deposit Money Banks currently holding the existing denominations of the currency may begin returning these notes back to the CBN effective immediately. The newly designed currency will be released to the banks in the order of “First-come-First- serve basis”.

In addition, customers of banks have been enjoined to begin paying into their bank accounts the existing currency to enable them withdraw the new banknotes once circulation begins in mid-December 2022. All banks are therefore expected to keep their currency processing centers open from Monday to Saturday so as to accommodate all cash that will be returned by their customers.

He said: “For the purpose of this transition from existing to new notes, bank charges for cash deposits are hereby suspended with immediate effect. Therefore, DMBs are to note that no bank customer shall bear any charges for cash returned/paid into their accounts.”

“Members of the public are to please note that the present notes remain legal tender and should not be rejected as a means of exchange for purchase of goods and services. We would like to use this opportunity to reassure the general public that the CBN would continue to monitor both the financial system in particular, and the economy in general, and always act in good faith for the achievement of the Bank’s objectives and the betterment of the country.”