ATMs ARE BEING UPDATED BY BANKS, AND NEW NAIRA IS NOW IN USE

On Thursday (today), Deposit Money Banks will provide the newly redesigned naira notes to their customers for use in over-the-counter transactions.

About three weeks prior, at the Federal Executive Council meeting held in Aso Rock Villa, President Major General Muhammadu Buhari (retd) unveiled the new bills.

The revised N200, N500, and N1,000 notes were unveiled by the President.

Godwin Emefiele, the governor of the Central Bank of Nigeria, had previously stated in October that the apex bank will issue newly designed naira notes by December 15, 2022.

Additionally, he stated that as of January 31, 2023, the old notes would no longer be accepted as legal cash.

Emefiele emphasized that the redesign of the naira notes would aid in reducing ransom payments to terrorists and kidnappers as well as counterfeit notes.

The head of the CBN said it was concerning that Nigerians were hoarding 85% of the entire amount of cash in circulation.

He added that out of the approximately N3.3 trillion in circulation, over N2.75 trillion were outside the banking sector, and that the redesign of the local currency will help to mop up the currency outside the banking sector.

Top commercial bank executives told our correspondent on Wednesday that they had received the new notes from the CBN a few days prior and that their customers will start receiving the redesigned money on Thursday (today).

"We got the funds (new notes) about two days ago. Our head office has dispatched the funds to various area offices across the country. My branch will pick up our allocation at a nearby area office. We will start releasing the new notes to our customers by Thursday," according to a top official of a commercial bank who spoke to one of our correspondents on condition of anonymity on Wednesday because he was not authorised to speak on the matter.

The new notes had arrived, according to numerous banking sources, and were being stored in their vaults.

They stated that starting on Thursday, the new notes would be distributed to consumers in the banking halls.