Naira Redesign: What You You Need To Know

As the Central Bank of Nigeria (CBN) announced a policy framework that would also ensure that some denominations are redesigned, here are some of the things you need to know;

1. Banks must only accept cash from customers with full KYC and bank accounts.
2. Cash must only be paid into customers' accounts. Cash must not be paid into ledgers or suspense accounts.
3. CBN and EFCC will be tracking all deposits
4. Old currency will become useless on the 31st of January, 2023.
5. It’s an opportunity to leverage CBN's branch network to drive funding of accounts.
6. It will drive digital adoption and the opening of new accounts.
7. CBN will no longer print large quantities of Cash. New cashless policy to be announced in January
8. Banks that receive cash from non-account holders or customers will be penalized by CBN and EFCC

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