Have you heard about the latest development on the resolution of the Central Bank of Nigeria to change the old 200, 500 and 1000 Naira notes into New Naira Note? Do you wish to know more about the implication of these changes? Are you excited about how to manage your finances once these changes are effected?
If you would like to see positive responses to the above questions, kindly make sure that you read this article carefully to the end. A lot of persons have asked questions if the news about the invention of New Naira Notes is true or false. While others have been wondering what they are going to do with the old currency notes.
All these are what I am going to discuss on the course of this article. As you continue to read the article, you are going to see more detailed information.
The Central Bank of Nigeria (CBN) will introduce new 200, 500 and 1,000 Naira notes into circulation on December 15th, 2022 and phase out the existing bills as legal tender on January 31st, 2023.
Here are a few things you should know as you prepare for this transition:
What Are the Impacts of the New Naira Notes on the Economy
According experts, THE Central Bank of Nigeria’s (CBN) introduction of new N200, N500 and N1,000 notes would come at a huge deficit cost to the economy. To some extent, it change is going to impact negative to the national economy.
Currently, the federal government is already battling with a huge debt deficit and from all indications; they are still going to borrow heavily to fund the changes in the currency notes. Of course, this movement is going to result to the escalation of inflationary pressure on Nigeria’s currency.
What are the Benefits of the Introduction of New Naira Notes?
One of the benefits of the resolution of the Central Bank of Nigeria to to introduce new naira notes (N200, N500 and N1000) is that this development is an important tool to fighting the hoarding of the national legal tender outside the commercial banks.
As the good step is taken, large volumes of money that have been looted outside the banking system by the corrupt citizens of Nigeria shall be brought into circulation as a result of instant deposit of those notes bank to the bank.
People who have kept this money over a long period of time would not want to lose their money. Since they are aware that after 31st of January, 2023, the money will not be useful to them anymore, they are going to be left with no other option than to deposit them back to their bank accounts.
Despite divergent views that have coming up from resolution of the Central Bank of Nigeria (CBN) to introduce the N200, N500 and N1,000 coupled with the sentiment expressed by the Minister of Finance, Budget and National Planning on the matter, a great number of analysts believe that the initiative is a step towards the right direction to bringing positive development in the economy.
Pictures of the New Naira Notes
The New Naira Notes (N200, N500 and N1000) that the Central Bank of Nigeria (CBN) has decided to introduce has been officially unveiled by the president of the Federal Republic of Nigeria, President Mohammadu Buhari, on Wednesday 23rd November, 2022 at Abuja.
As you read this section of the article, you are going to see the pictures of the new N1000, N500 and N200
Picture of the New N200 Note
Picture of the New N500 Note
Picture of the New N1000 Note
Significant Difference Between The New Naira Notes and Counterfeits
It is just a few weeks after the release of the new Naira Notes (N200, N500 and N1000) and they has been repeatedly reported that there a lot of the fake naira notes in circulation. This is as result of the prevalent fraudulent acts in the country. It should be noted that counterfeiting of the Nigerian currency or any of the bank legal tender is a serious offence that is punishable by law.
According to the Nigeria Constitution,
- It is against the law for any individual or establishment outside the Central Bank of Nigeria, to print money or be in possession of counterfeit notes.
- If you are caught and convicted of a counterfeiting crime, you may face up to five (5) years imprisonment with no option of fine (Section 20).
However, it is important that you note the difference between counterfeits and the original bank notes. In this section of the article, I am going to show you the significant different between the New Naira Notes and Counterfeits.
Specific Features of the Naira Notes
The following are some of the notable features that has made the new naira note outstanding:
- Hand Engraved Portait
- Windowed Metallic Security Thread (With CBN inscription)
- Portrait Watermark
- Optical Variable Ink (changes from blue to green with change in view angle)
- Gold Patch (Anti-scan) with embossed Coat of Arm
- See Through (Printing In Register)
- Raised Intanglio Print
In the next section of this article, I am going to show you how yo can identify the new naira notes and as well differentiate them from fake ones.
How To Identify Original New Naira Notes
With the above diagrammatic representation of the specific features of the original naira notes, you would be to note the fake ones whenever you come in contact with them.
Important Questions and Answers About the New Naira Notes
Can I exchange my old Naira notes for the new currency?
No. There is no currency exchange program available and you can only get the new Naira notes when you withdraw cash from your Commercial Bank account(s). All old 200, 500 and 1,000 Naira notes must be deposited into an existing or new Commercial Bank account.
What do I do with the old 200, 500 and 1,000 Naira notes in my possession?
You must deposit all old 200, 500 and 1,000 Naira notes in your possession into your Commercial Bank account on or before January 31st, 2023. They will have no monetary value after this date.
Must I deposit the old Naira notes at the Commercial Bank branch where my account is domiciled?
No. You can deposit all old 200, 500 and 1,000 Naira notes into your account at any Commercial Bank branch nationwide, on or before January 31, 2023.
Is there a limit to the amount or value of old Naira notes I can deposit?
There is no limit to the amount or value of old 200, 500 and 1,000 Naira notes you can deposit at any Commercial Bank branch nationwide, on or before January 31, 2023.
Will I have to pay any excess cash deposit charges?
No. The Central Bank of Nigeria (CBN) has implemented a waiver of the excess cash deposit charge nationwide, for all old 200, 500 and 1,000 Naira note deposits on or before January 31, 2023.
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