In preparation for issuing the newly redesigned naira to clients on December 15, 2022, the Central Bank of Nigeria (CBN) has started distributing it to banks.

During a visit to President Buhari on Thursday in his Daura home in Katsina state, Godwin Emefiele, the governor of the Central Bank of Nigeria, revealed this.
Emefiele, who claimed that the new notes were sent to the banks on Wednesday, insisted that the deadlines of January 31 and December 15 were inviolable but gave a hint that the CBN might change the new rule regarding cash withdrawal limits.

He also revealed that the apex bank has received more than N500 billion from the banks and deposited nearly that amount there since the announcement of the new policy.

According to him, his visit was a part of the regularly scheduled presidential briefing, which was long overdue. Discussions focused on the economy, central bank developments, and—most critically—the cashless policy, under which new notes were being created.

The governor said, adding that the visit was also to reassure the president that there had been no problems so far with the implementation, “Only yesterday, the new currency has now reached the banks and we believe that the banks will begin to distribute them to the members of the public who are their customers.”

Emefiele declared that there were already 1.4 million super agents all across the nation giving banking services where citizens may explore, particularly the rural dwellers, while also ensuring that the central bank and the entire banking sector were already prepared for the policy roll out.

When prompted to comment on the recent opposition, particularly from the National Assembly, Emefiele assured that the legislators would be informed of developments but begged for understanding and cooperation for the success of the currency redesign, which he said targets no one but was planned to advance the cashless policy, the economy, and the welfare of the people.