Naira Redesign: CBN says it printed 500m new notes

Against the backdrop of complaints by the banking public that banks are not dispensing enough of the redesigned Naira notes the Governor of Central Bank of Nigeria, CBN, Mr Godwin Emefiele, has said that a total of 500 million units of the newly redesigned currency notes were ordered from the minting company.

Meanwhile, the apex bank has explained that its research has shown that operators of mobile money services, otherwise known as Point-Of-Sale, PoS, were comfortably accommodated within the revised withdrawal limits.

It also allayed the fears that the new cashless policy of the Bank would impede job creation.

Emefiele spoke through the deputy governor of the apex bank in charge of the Financial System Stability at the CBN, Mrs Aisha Ahmed, yesterday when appearing before the House of Representatives plenary session in Abuja at the instance of the lawmakers to brief them on the new monetary policies that had become controversial in some quarters.

He said that the timing for the implementation of the monetary policies especially the cash withdrawal limit not was neither here nor there, adding that the 90 days notice in the estimation of the bank was enough to get Nigerians sensitized.

He, however, informed that CBN was partnering the National Orientation Agency, NOA, and other similar bodies to fully create the needed public enlightenment on the new policies.

It will be recalled that the House had through a motion last week mandated Emefiele to cause appearance on the seemingly vexatious policies of the banker’s bank.

Ahmed, who took a barrage of questions from the lawmakers, said: “You asked a question. We ordered 500 million pieces of currency from the Mint. That is what has been ordered.

“You said this will mean that people will start losing their jobs because people would stop going to the banks. No, I think this will create more opportunity, not just for people working in the banks to retool. Technology change and innovation is a phenomenon happening all over the world. Of course, it is changing the types of jobs that people are doing. But it is also opening up new opportunities for them to do other things.

So, I don’t see this as going to limit that. Indeed, the examples of agents (mobile bank agents) is a strong example that says that we created something, a platform, a business that was not there 10 years ago because we needed to solve a problem around ensuring that all areas in Nigeria were covered financially. That is just a small example of what technology can do. So, I don’t see this policy as making people lose their jobs.