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New Naira Notes Policy – CBN.

Naira Redesign policy Central Bank of Nigeria Deposit Money Banks Super Agents Cash swap Financial inclusion Underserved communities Rural areas Exchange old Naira notes New Naira notes Cashless policy CBN Tiered KYC Framework

The Central Bank of Nigeria (CBN) has recently introduced a new Naira note as part of its efforts to combat counterfeiting and improve the overall security of the country’s currency. The new note features advanced security features such as a holographic stripe, watermark, and embossing, making it more difficult for counterfeiters to replicate.

One of the major benefits of the new Naira note is that it will help to reduce the circulation of fake currency in the Nigerian economy. This is especially important for businesses and consumers, as counterfeit notes can cause economic instability and lead to financial losses.

In addition to improved security, the new Naira note also features enhanced design elements that make it more visually appealing and easier to distinguish from older notes. This will make it easier for individuals and businesses to quickly and accurately verify the authenticity of the currency they are using.

The CBN has also implemented a phased approach for the introduction of the new notes, which will help to minimize disruptions to the economy and ensure a smooth transition for individuals and businesses. The CBN has also advised the public to cooperate with the banks and other financial institutions for the smooth exchange of the old currency for the new one.

The new Naira note is a positive step forward for the Nigerian economy and will help to promote financial stability and security for all citizens. By using advanced security features and implementing a phased approach, the CBN is helping to ensure that the new notes will be widely accepted and used throughout the country.

Overall, the CBN‘s policy on the new Naira note is a positive development for the Nigerian economy, as it will help to reduce the circulation of counterfeit currency, improve the overall security of the currency, and promote financial stability and security for all citizens. As a result, it is important for businesses and consumers to familiarize themselves with the new notes and the phased approach for their introduction, in order to ensure a smooth transition and continued financial stability for Nigeria.

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