CBN releases new naira notes

by | August 15, 2013 2:17 pm

The Central Bank of Nigeria will take delivery of new naira notes before the end of September, for circulation, the deputy governor, operations, Tunde Lemo has said.

The News Agency of Nigeria (NAN) reports that thw CBN had earlier said new naira notes would be in circulation by June, and that the smaller denomination notes of N5, N10, N20, and N50 would be reprinted on paper.

He said, “We are going to take delivery of the new notes from this month of August.

We will take delivery of the new notes before the end of September.

“The public will get a large quantity of the new notes to replace the old and mutilated notes, particularly the higher denomination notes in the first instance, then later the lower denominations”.

On the scarcity of the lower denomination notes, Lemo blamed commercial banks for poor circulation.

He added, “for the lower denomination, well I think the banks are really the ones that are not allowing the lower denominations in circulation, largely because of carrying value.”