SUMMARY OF THE IMPLICATIONS OF CHANGE OF NIGERIAN CURRENCY BANKNOTES
A bit of history:
In April 1984,General Muhammad Buhari’s Military government changed all the banknotes in circulation with the exception of the 50 Kobo banknote to arrest the currency trafficking prevalent at the time.
Present Time:
Now, President Muhammadu Buhari’s government will change the Naira currencies to tackle;
(1) hoarding (N2trn out of N3trn of Naira in circulation are kept in private homes,not banks)
(2) aging of Naira notes
(3) security issues (Ransome by kidnappers,etc.)
(4) monetary policy of recycling banknotes in every 5 years (not recycled for more than 10 years)
(5) fake notes in circulation
(6) amongst others.
The existing banknotes in circulation will remain a legal tender until 31st January 2023,while the new banknotes will start to circulate by mid December 2022.
All (existing) banknotes kept outside the bank must be deposited to the bank for exchange with the new banknotes at no charge.
All commercial banks are to deposit the existing banknotes to the Central Bank for replacement,starting from Monday 31st October,and new banknotes (when released by mid December) will be issued to banks for further issuance to customer.Banks will be treated based on first come first serve policy.
Anyone hoarding/keeping the existing banknotes (N200,N500,and N1000) till after 31st January 2023 is On His Own (#OYO)
President Muhammadu Buhari has already approved the Central Bank Policy and have given the node to implement.
Advice:
Run and deposit your Naira to the bank,but if you “over deposit” without proof of legitimate means of earnings, EFCC dey watch you!
If you fail to deposit to the bank,your name na OYO!
If you have grandpa for village that keeps money at home,advice him to open an account ASAP and deposit all banknotes in his private vault.Infact,your grandpa should even know better what President Buhari did to them in the 80’s
Eric Morgan
