Nigerian Boy Explains How to Products The Nigeria Money New Note

Nigeria’s Central Bank announced the introduction of redesigned 200, 500, and 1,000 naira notes into the country’s financial system on October 26, 22022.

The new notes were introduced to curb the use of excess amounts of cash and combat crime.

The move comes earlier than expected, and the release of the new notes was originally scheduled for mid-December.

The new bills will be in circulation along with the old ones until January 31, 2023, when the old notes cease to be legal tender.

Many Nigerians have had a hard time getting the new notes, and commercial banks, motorists, and major sales outlets across the country have refrained from the collection of old notes.

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survey within the week showed that many Nigerians are still in possession of the old but are not able to carry out their daily transactions because banks have commenced. The International Monetary Fund (IMF) has urged Nigeria to apply caution in its plan to replace higher denominations of the naira. The IMF has reached out to the central bank to get more information on the plan.

The national Assembly has drawn a battle line with the Central Bank of Nigeria over the new naira notes. Senators and representatives have criticized the CBN for introducing the new notes without proper consultation with the National Assembly.

The introduction of the new naira notes in Nigeria has been met with mixed reactions. While the move is aimed at curbing the use of excess amounts of cash and combatting crime, many Nigerians have had a hard time getting the new notes, and commercial banks, motorists, and major sales outlets across the country have refrained from the collection of old notes. The IMF has urged Nigeria to apply caution in its plan to replace higher denominations of the naira, and the national Assembly has drawn a battle line with the Central Bank of Nigeria over the new naira notes.