CBN News Update On Naira Notes Today Monday 17th April 2023

Massive Rush to Banks As CBN Makes News Announcement About Unlinked Accounts.

In recent news from Nigeria, the Central Bank of Nigeria (CBN) has announced plans to close bank accounts not linked to Bank Verification Numbers (BVN) across deposit money banks. This has led to an uptick in new registrations, with banks reporting a massive rush by customers. The move is aimed at cleaning up the sector and reducing financial fraud. The CBN has been working with the Nigeria Inter-Bank Settlement System (NIBSS) to address the increasing fraud incidences in the financial sector.

The BVN is a unique identifier that links a person to bank accounts across financial institutions in Nigeria and is issued or required at the point of bank account opening. BVN gives account owners a verifiable identity across the Nigerian banking system and protects their accounts from unauthorized access. The recent policy pronouncements by the apex bank have sparked an increase in new registrations, as customers rush to comply with the new guidelines.

The CBN’s Director of the Risk Management Department and Chief Risk Officer, Blaise Ijabor, has stated that the bank’s aim is to clean up the sector and reduce the incidence of financial fraud. The move is expected to drive new BVN registrations by people whose accounts are not linked to BVN and encourage them to update their bank records. The CBN’s efforts are commendable and are likely to improve the integrity of the financial sector in Nigeria.

Naira Redesign Campaign

The Nigerian National Orientation Agency (NOA), in collaboration with the Central Bank of Nigeria (CBN), is embarking on a campaign to sensitize the public on the redesign of the Naira currency notes. To this end, a one-day sensitization workshop was organized at the NOA headquarters on January 9th, 2023. The workshop was aimed at building the capacity of NOA Directors to effectively communicate and disseminate information on CBN’s policies, programs, and contents related to Naira redesign.

With the current series of N200, N500, and N1,000 notes set to be phased out by January 31, 2023, the partnership between NOA and CBN is indeed timely. The objective of the collaboration is to build the capacity of NOA staff and to carry out advocacy, sensitization, and enlightenment campaigns on the Naira redesign across the country.

The workshop was attended by NOA Directors from the headquarters, 36 states, and FCT, as well as four Directors of the CBN. Participants had the option of either physical or virtual attendance for the training.

The redesign of the Naira notes is expected to improve the security features of the currency notes and enhance the durability and lifespan of the notes. The new notes would also incorporate Nigerian cultural heritage, as well as the images of Nigerian heroes and heroines, thereby boosting national pride and identity.