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Naira Redesign: Squeeze, Spray Notes, Face Wrath Of Law – CBN

The Central Bank of Nigeria has emphasized once more that Nigerians must handle the new naira notes with respect because those who do so will face harsh penalties.

The CBN’s Director of Corporate Communications, Mr. Osita Nwanisobi, said the Naira is a symbol of national pride and must be handled with care at a sensitization, enlightenment, and bank fair event held in Osogbo, Osun state, on Thursday ahead of the introduction of the new notes.

According to Akpama Uket, who was speaking on his behalf, those who treat the Naira with indifference will suffer the repercussions.

“The Naira remains a symbol of our national pride and must be treated with the highest care,” he said. I thus pleaded with you not to squeeze, spray, or counterfeit the Naira since doing so has terrible repercussions.

As you may be aware, the Central Bank of Nigeria has announced plans to redesign, produce, release, and circulate the new series of three banknotes, out of the existing eight banknotes, consisting of N200, N500, and N1000 denominations, respectively, effective 15th December 2022, after its launch by President Muhammadu Buhari, in accordance with international best practices and Section 2(b) of the CBN Act 2007, which stipulates currency management as one of its key functions.

Nwanisobi commented on the financial institution’s numerous successful interventions, saying that the Anchor Borrowers Programme (ABP) and the Micro, Small and Medium Enterprises Development Fund (MSMEDF), which has provided entrepreneurship development with support totaling over N39.26 million, are two examples of the Bank’s interventions that have achieved notable success in providing the necessary support for businesses to grow.

“The 100 for 100 Policy on Production and Productivity (PPP), which disbursed a total of N93.39 billion to 62 projects during the aforementioned period, and the Real Sector Support Facility (RSSF) through Differentiated Cash Reserve Ratio (DCRR), where disbursements to 426 projects nationwide stood at N2.10 trillion as of September 2022. Other ones are the Healthcare Sector Intervention Facility (HSIF), which has disbursed a total of N130.54 billion for 131 projects involving 32 pharmaceuticals, 60 hospitals, and 39 other services, and the Tertiary Institutions Entrepreneurship Scheme (TIES), which has recorded a total disbursement of N332.43 million.

The CBN Branch Controller for Osogbo, Mrs. Daphne Madojemu, who was earlier speaking through Anthony Okoro, stated that the program’s goal was to educate Nigerians on the Bank’s efforts to support the nation’s economic stability.

The CBN Fair this year was exceptional since it was well-articulated and educational about all of the bank’s policies, particularly those relating to the recently introduced electronic Naira and the proposal to revamp some of the bank’s notes.

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