ADDITIONAL INFORMATION ON NEW NAIRA BANK NOTES
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 on our branch network to drive funding of accounts.
6. It will drive digital adoption and 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 penalised by CBN and EFCC


There will be a lot of money laundering soon. Criminals and their likes will start bringing out their physical funds from hiding in an attempt to convert it to commodities.

Watch for customers that will insist on cash payments in huge volume.

Alert EFCC

Good.

But they should be honest. Making, announcing and implementing cashless policy do not require a redesign of the Naira notes. They should stop lying. Cashless policy is not the reason for the redesign.

I have an important question. What is the cost of redesigning the Naira notes? In 2008, an economics teacher told me and my classmates that the government was spending the sum of 1,320 Naira to print and import 1000 Naira note. The teacher said the minting was not done in Nigeria. I don't know how true it is. It might be true. It might not be true.

SolidWind:
Good.

But they should be honest. Making, announcing and implementing cashless policy do not require a redesign of the Naira notes. They should stop lying. Cashless policy is not the reason for the redesign.

I have an important question. What is the cost of redesigning the Naira notes? In 2008, an economics teacher told me and my classmates that the government was spending the sum of 1,320 Naira to print and import 1000 Naira note. The teacher said the minting was not done in Nigeria. I don't know how true it is. It might be true. It might not be true.

The cost of printing our notes is more than the value of the notes. He is right but I don't know the actual figures.

SolidWind:
Good.

But they should be honest. Making, announcing and implementing cashless policy do not require a redesign of the Naira notes. They should stop lying. Cashless policy is not the reason for the redesign.

I have an important question. What is the cost of redesigning the Naira notes? In 2008, an economics teacher told me and my classmates that the government was spending the sum of 1,320 Naira to print and import 1000 Naira note. The teacher said the minting was not done in Nigeria. I don't know how true it is. It might be true. It might not be true.

Your secondary school economics teacher cannot know the actual cost of printing our currency notes.