CBN News Update On Naira Notes Today Thursday 1st June 2023

CBN To Fine Banks N1m Daily For Failing To Disburse New Naira Notes

Latest CBN news update on New Naira Notes today, Thursday 1st June 2023, can be accessed below.

Following the controversy associated with the new naira notes rages on, News Rain Nigeria brings you the latest update from Central Bank of Nigeria (CBN) on naira notes.

This means the latest updates on the Naira crisis in Nigeria can be accessed on this page.

Below are the latest CBN news update on new Naira notes today

Naira Scarcity: Latest CBN News Today 1st June 2023: In the latest news from the Central Bank of Nigeria (CBN) on 1st June 2023, concerns have emerged regarding the scarcity of the naira. President Tinubu has expressed apprehension regarding the redesign of the naira and its impact on its availability. The CBN’s announcement provides insights into the current state of the currency and its potential consequences for the economy. Stay tuned for further updates as this issue continues to develop.

Tinubu Speaks on Use of Old and New Naira Notes as Emefiele Prepares to Leave

In a significant development, President Bola Tinubu has made his first official statement regarding the use of old and new naira notes, shedding light on the government’s stance on the matter. This announcement comes as the deadline approaches for the old naira notes to cease being legal tender by the end of December 2023. Additionally, the impending departure of Godwin Emefiele, the long-serving governor of the Central Bank of Nigeria (CBN), adds further weight to President Tinubu’s remarks.

The decision to maintain the recognition of both old and new naira notes as legal tender marks a departure from the previous plan to phase out the old currency. Previously, on October 26, 2022, the CBN had announced the redesign and introduction of higher denomination naira notes, including N200, N500, and N1,000, into the economy starting from December 15, 2022. However, President Tinubu’s recent declaration emphasizes a more inclusive approach, taking into consideration the concerns of the unbanked population and the potential impact on the economy.