• Latest
  • Trending
  • All
BREAKING: CBN to release re-designed Naira notes December

Naira Redesign: CBN Commits To Protecting Unbanked, Underserved

‘were you educated?’: Trump shocked as Liberian President speaks fluent English (Video)

‘were you educated?’: Trump shocked as Liberian President speaks fluent English (Video)

Reactions as CAC’s AI system approves ‘BokoHaram Hub’, ‘Nigeria Must Scatter’, others for Business Names

Reactions as CAC’s AI system approves ‘BokoHaram Hub’, ‘Nigeria Must Scatter’, others for Business Names

Candidates to Sue JAMB over UTME technical glitches

JAMB announces Top 3 Scorers in 2025 UTME

Nigerian Government pegs Admission Age at ’16’

Nigerian Government pegs Admission Age at ’16’

Trump threatens Nigeria with 10% Tariff for Supporting BRICS

Trump threatens Nigeria with 10% Tariff for Supporting BRICS

AAU ASUU Condemns SIT Over Alleged Activities, Set For Legal Action

ASUU begins Nationwide Strike

Why Ibadan Kings are always Old: Six Facts

Why Ibadan Kings are always Old: Six Facts

Things to Know About Next Olubadan-In-Waiting, Former Oyo Governor Rashidi Ladoja

Things to Know About Next Olubadan-In-Waiting, Former Oyo Governor Rashidi Ladoja

BREAKING: 43rd Olubadan of Ibadan is Dead

BREAKING: 43rd Olubadan of Ibadan is Dead

How Notorious Lagos-Yahoo-Boy defraud U.S. President Donald Trump of 2025 Inauguration Funds

How Notorious Lagos-Yahoo-Boy defraud U.S. President Donald Trump of 2025 Inauguration Funds

Nigerian Banks resume International Transactions on Naira Cards

Nigerian Banks resume International Transactions on Naira Cards

ADC website Crashes as Nigerians flood site to join Coalition Party

ADC website Crashes as Nigerians flood site to join Coalition Party

  • About Us
  • Advertise with Us
  • Editorial Policy
Friday, July 11, 2025
  • Login
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • Life Style
  • Advertise with Us
  • Opinion
  • Campus
No Result
View All Result
iDeemlawful
No Result
View All Result
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • Commentary
  • Editorial
  • Campus

Naira Redesign: CBN Commits To Protecting Unbanked, Underserved

by Usama OLAGUNJU
November 14, 2022
A A
BREAKING: CBN to release re-designed Naira notes December
FacebookTwitterWhatsapp

The Central Bank of Nigeria (CBN) has restated its commitment to preserving the integrity of the naira whilst protecting the unbanked, underserved and rural areas of the country.

This is as the Lagos Chamber of Commerce and Industry (LCCI) has urged the CBN to consider redesigning the lower denomination notes to coins, ahead of the release of the redesigned naira notes.

This the LCCI said would reduce to cost of printing lower denomination notes of the naira which do not last for long due to their repetitive use. The deputy President, LCCI, Mr. Gabriel Idahosa, said this while speaking at the CBN special day at the Lagos International Trade Fair.

RelatedPosts

JUST IN: Governor Adeleke cast his votes as Osun LG poll begins

Meranda presides over Lagos Assembly plenary amidst Tension

JUST IN: Lagos Assembly Speaker, Mojisola Meranda faces mounting pressure to step down

Wike backs Tinubu despite economic woes as G-5 Governors meet Makinde

“We urge the CBN to implement the correct calibration of monetary policy considering the resilience of our economy and the implementation of the global monetary spillover to financial stability.“

As regards issuance of new naira notes, the CBN should also consider converting the country’s lower currency notes into coins to facilitate highly repetitive retail transactions and avoid printing pieces of low-value notes with a short lifespan. We also appeal to the CBN to adopt more innovative ways to establish appropriate policies and take actions that will drive down the inflation rates and strengthen the value of our naira.”

The CBN said it remains committed to the seamless implementation of the initiative, whilst noting that it is pleased with the positive response of the banking public to the redesigning of the naira through increased currency deposits across banks and other financial institutions.

CBN in a press statement issued and signed by the director Corporate Communications, Osita Nwasinobi said the policy was to ensure the achievement of the objectives of the apex bank to preserve the integrity of the local legal tender by reducing the significant amount of cash outside the banking system and its use in criminal activities, curtail counterfeiting, and promote financial inclusion, amongst others.

Noting the progressive increase in financial access points and alternative banking channels over the years (electronic/internet banking, mobile apps, ATM, Cards/PoS, eNaira, agent banking, etc.), CBN said it acknowledges that these may not be evenly distributed across all geopolitical zones and in some rural areas.

“In operationalising this initiative, the CBN has been collaborating with relevant agencies and other stakeholders in the financial system in its execution, particularly ensuring that vulnerable citizens are not disenfranchised.

“Accordingly, the banking public in rural and/or underserved areas may access CBN branches in the 36 States of the Federation to enquire about options for depositing their current N200, N500, and N1,000 notes, wallet/account opening processes, financial access points, etc.

“Furthermore, agent locations across the country have been fully enabled for BVN registration, opening banking accounts/wallets & e-Naira wallets, electronic card distribution, and cash deposit, among others. Due to the policy, the agents have also been accorded priority to enable them to deposit cash collections through bank branches across the federation.

“The Bank shall continue to monitor developments and issue updates to the banking public on the implementation of the Naira redesign policy as may be necessary.” The statement read.

“The Bank shall continue to monitor developments and issue updates to the banking public on the implementation of the Naira redesign policy as may be necessary,” Nwasinobi said.

Tags: iPad
Previous Post

Court adjourns Nnamdi Kanu’s terrorism trial indefinitely

Next Post

Child rights activist sues Peter Obi for involving underage in rally

Usama OLAGUNJU

Usama OLAGUNJU

Related Posts

‘were you educated?’: Trump shocked as Liberian President speaks fluent English (Video)
International News

‘were you educated?’: Trump shocked as Liberian President speaks fluent English (Video)

Reactions as CAC’s AI system approves ‘BokoHaram Hub’, ‘Nigeria Must Scatter’, others for Business Names
Business News

Reactions as CAC’s AI system approves ‘BokoHaram Hub’, ‘Nigeria Must Scatter’, others for Business Names

Candidates to Sue JAMB over UTME technical glitches
Breaking News

JAMB announces Top 3 Scorers in 2025 UTME

Nigerian Government pegs Admission Age at ’16’
Breaking News

Nigerian Government pegs Admission Age at ’16’

Trump threatens Nigeria with 10% Tariff for Supporting BRICS
Featured

Trump threatens Nigeria with 10% Tariff for Supporting BRICS

AAU ASUU Condemns SIT Over Alleged Activities, Set For Legal Action
Breaking News

ASUU begins Nationwide Strike

Why Ibadan Kings are always Old: Six Facts
Breaking News

Why Ibadan Kings are always Old: Six Facts

Things to Know About Next Olubadan-In-Waiting, Former Oyo Governor Rashidi Ladoja
Breaking News

Things to Know About Next Olubadan-In-Waiting, Former Oyo Governor Rashidi Ladoja

BREAKING: 43rd Olubadan of Ibadan is Dead
Breaking News

BREAKING: 43rd Olubadan of Ibadan is Dead

How Notorious Lagos-Yahoo-Boy defraud U.S. President Donald Trump of 2025 Inauguration Funds
Breaking News

How Notorious Lagos-Yahoo-Boy defraud U.S. President Donald Trump of 2025 Inauguration Funds

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

iDeemlawful

Copyright © 2019–2025 Deemlawful Media

  • About Us
  • Advertise with Us
  • Editorial Policy

Connect With Us

No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • Life Style
  • Advertise with Us
  • Opinion
  • Campus

Copyright © 2019–2025 Deemlawful Media

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In