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The Central Bank of Nigeria (CBN) says it will continue to demonstrate unwavering commitment to supporting a productive economy and prudent management of the country’s vast resources.
This was even as the apex bank insisted that the new and existing currencies shall remain legal tender and circulate together until January 31, 2023, when the existing currencies shall cease to be legal tender in Nigeria.
The Director Corporate Communications Department at CBN, Osita Nwanisobi, stated this during the CBN Special Day at the ongoing 2022 Lagos International Trade Fair in Lagos on Thursday.
Nwanisobi who was represented by the CBN Acting Director, Corporate Communications Department,
Sam Okogbue, said the Fair has lived up to its billing, given the number of participants and the quality of goods and services on display, while commending the Management and Staff of the Lagos Chamber of Commerce and Industry (LCCI) for providing the bank with the platform to engage with teeming stakeholders.
Nwanisobi stated that the theme; Connecting Businesses, Creating
Value, is in line with the bank’s strategy of consistently creating enabling policies that drive economic activities, job creation, increased productivity, and contribute to sustainable inclusive economic growth and development of the country.
“The CBN will continue to demonstrate unwavering commitment to supporting a productive economy and prudent management of the country’s vast resources as that is the only panacea to reaching Nigeria’s desired economic destination.
The establishment of the Secured Transactions in Movable Assets Act (National Collateral Registry Act) and the Credit Reporting Act are part of the efforts of the Bank to institutionalize a business-friendly environment where businesses could thrive seamlessly, particularly the Micro, Small and Medium Enterprises (MSMEs), which is the engine of growth in any economy”,he said.
He further said that new series of three banknotes out of the existing eight banknotes, comprising N200, N500, and N1000 denominations, respectively, will be effective 15 December 2022; after its launch by President Muhammad Buhari.
“The new and existing currencies shall remain legal tender and circulate together until January 31, 2023, when the existing currencies shall cease to be legal tender in Nigeria.
While Deposit Money Banks (MBs) have been directed to immediately start returning the existing currencies to the CBN, they have also been instructed to receive the existing banknotes beyond the threshold stipulated by the Cashless Policy without charge to customers. Consequently, you must return all the current A200, A/500, and A/1000 banknotes to your bank before the deadline”, He said.
The Director thereafter reiterated that
the CBN Governor, Godwin
Emefiele, and his team are resolute in steering the ship of Nigeria’s economy
to prominence adding that the focus of the bank is macroeconomic stability – which entails building a strong, stable, and resilient economy that is self-sustaining and able to weather unanticipated shocks.
