Breaking: CBN To Reprint N200, N500, N1000 Notes, To Begin Circulation By Dec 15

… Stops deduction on deposits by banks

… New policy wouldn’t affect maritime industry

 

Harboursandport.com: Abuja - The Central Bank of Nigeria (CBN) has said that it will redesign the N200, N500, and N1,000 notes.

Picture from Arise News

 

This is even as the apex bank announced the suspension of bank charges by banks on deposits.

 

CBN Governor, Godwin Emefiele, who disclosed this during a special press briefing in Abuja on Wednesday, said the apex bank will begin circulation of the notes as from December 15, 2022.

 

The CBN boss said the redesigning project was a result of a request from the federal government.

 

Meanwhile, some stakeholders in the maritime industry have said that the plan reprinting of the naira may not have a direct effect on the sector but noted that it will help control inflation and control economic indices.

Speaking with Vanguard on the issue, the National President of the National Council of Managing Directors of Licensed Customs Agents, NCMDLCA, Lucky Amewiro, said that it will also help control the number of fake currency in circulation as well as control proceeds from illegally acquired funds.

According to him, “Before they took that decision they must have looked at the circulation of the naira and compared it to what they have. They must have noticed that there are excess, countries normally involved in things like this to check issues like fake naira in circulation. You know all these things affect economic indices when it comes to inflation; I think they are trying to check excess in the circulation of the naira which affects the economy.

“I do not see it affecting the maritime industry because there is still time for it to be done but let us see if it is going to change anything. I think it will help check fake currencies in circulation and also things that have been done illegally, many of these are going to be checked and it will help sustain and have some economic balance in terms of inflation. I think that is what they are trying to do,” he noted.

Similarly, former President of Nigeria Ship Owners Association, NISA, Greg Ogbuifun, told Vanguard that he could not say whether it will have any effect on the industry but called on stakeholders to key in with the new policy.