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President Buhari to unveil new naira banknotes on Wednesday

President Buhari to unveil new Naira notes on Wednesday - Emefiele

Godwin Emefiele, Governor of the Central Financial institution of Nigeria (CBN), has introduced that President Muhammadu Buhari will unveil the newly redesigned naira banknotes on November 23, 2022.

Emefiele revealed this on Tuesday, November 22, whereas answering questions from journalists in the course of the Financial Coverage Committee (MPC) assembly in Abuja.

“The query that has been raised is what are we going to shift the deadline? The reply stays no, capital letter no. We is not going to postpone any deadline. What we did just isn’t towards the legislation. It goes hand in hand with the legislation. We introduced this program on October 26, 2022. And we stated that when the brand new foreign money comes out, the authorized tender will run concurrently the previous foreign money till January 31, 2023. That is nearly 100 days . 100 days is sufficient for anybody in any a part of Nigeria to deposit their cash within the financial institution and put together to withdraw cash when the brand new notes are launched,” he stated.

“For data, the truth is, we’re now not ready for December 15 to begin unveiling and beginning to launch the brand new notes. By the particular grace of God tomorrow, which is November 23, 2022, the President has graciously agreed to unveil the brand new currencies and the brand new currencies might be unveiled tomorrow within the federal govt chambers at 10 a.m.

“So whenever you ask whether or not we have now made ample preparations to make sure that those that have money can deposit their cash within the financial institution, my reply is sure. As a result of on October 26 I stated so very clearly. I stated that every one banks will preserve their foreign money processing facilities open from Monday to Saturday. We went additional [to] issued the press launch and stated that the Central Financial institution of Nigeria’s 36 foreign money processing facilities throughout the nation may even stay open from Monday to Saturday to obtain money. Third, we have now deployed our agent banking community to obtain and, in impact, pay money when the brand new banknotes are distributed to these in our rural areas. When folks say there are folks in rural areas who cannot pay money, they’re simply asking the query, they do not know what they’re saying. They produce other motives, [and] it isn’t as a result of they’re sympathetic to the reason for the bizarre and weak folks of our rural space.

“In 2020, the licensing community of the Central Financial institution of Nigeria or banking industries branches was solely 86,000. In October 2022, our banking department community grew to 1.4 million throughout Nigeria in nearly all native governments in Nigeria so I see no purpose why somebody would say they want an extension as a result of they cannot deposit their cash within the financial institution even in case you are in an space rural. And the company networks is like saying we have now 1.4 factors of foreign money throughout the nation so how can somebody come and say they need to transfer the deadline as a result of there’s folks in rural areas who can not deposit cash? It is a lie. They know what they bear in mind and we is not going to accompany them on this journey.

“Our journey is that on January 31, 2023, all previous currencies will change into authorized tender and we are going to begin utilizing the brand new currencies. We do our job in accordance with the legislation that establishes us and we are going to proceed to take action.

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