The official circulation of the redesigned naira notes in various banks on Thursday has prompted mixed reactions from customers and others in Nigeria as some reliable sources revealed that some banks have run out of the new notes.
Since the disbursement of the notes, some bank customers who are seeing the money for the first time have expressed mixed feelings and gestures: some demanded for the new notes, others rejected it.
Meanwhile, over three weeks ago, President Muhammadu Buhari, at the weekly Federal Executive Council meeting, had unveiled newly redesigned N1,000, N500 and N200 bills, which finally became a legal tender on December 15, 2022.
However, the CBN Governor, Godwin Emefiele had declared that the old denominations would cease to be a legal tender by January 31, 2022, while on October 26, he announced plans to redesign the N200, N500 and N1,000 notes.
On the reasons for this development, Emefiele revealed that inflationary problems, currency counterfeiting, insecurity and other issues plaguing Nigeria made it mandatory for the redesigning of the local currency.
The control of currency-in-circulation, ransom payments to kidnappers and terrorists are other reasons mentioned also by the CBN governor.
