Nigeria central bank officially introduce the newly redesigned highest naira notes dominations on Thursday, 15, December 2022 across the country and the new note that were changed are ₦200, ₦500,and ₦1000 notes the new notes become a legal tender on the 9th of January 2023 and it was announced that all financial banks should fasting up the distribution process by making use of the automotive Teller machine for a fast distribution of the money to the general public and stop all over the counter disbursement of the new note this directives was given by the central bank of Nigeria to all banks and it was implemented on the 9 January 2023 but despite that the money is yet to be accepted in some local community due to some reasons,
- Inadequate information channels
- Lack of enough and availability of the new currency to the general public
- Request for extension of date for the circulation of the currency 💵
According to vanguard source
Also the CBN has also think of a way to unify payments in Nigeria and promote transparency and that was the reason for the implementation of the
National Domestic Scheme January 16, 2023 to Unify Payments in Nigeria
Source
advantage of the card
- It will provide unify payments in Nigeria,
- drive cashless transactions * it will also promote transparency
- This new card will reduce demand for foreign exchange and so on
- The card scheme is also expected to rival big industry players industry such as Mastercard and visa.
- the Card to reduce dependence on cash transactions
- improve fraud management and better dispute management around card operating systems.
According to NIBBS, the card will become effective on January 16, 2023. Which is tomorrow
According to a statement by
CBN Director of Corporate Communications, Osita Nwanisiobi in October 2022, said that due to the size of Nigeria as Africa’s largest and most vibrant economy and speed of digitisation and innovation including the expansion of mobile access and proactive policy initiatives of the apex bank, it is important to accelerate the adoption of digital financial services.
He said Considering the strength and breadth of its banking sector and the rapid growth and transformation of its payments system over the last decade, Nigeria is ideally positioned to successfully launch a national card scheme. “Domesticating our card scheme also enhances data sovereignty, enabling the development of locally relevant products and services
When I set my eye on this vital informations i see it as a very good avenue to tackle corruption and other fraudulent activities affecting the Nigeria economy and also i see it a a solution to correct and set a new standard for the country
The central bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBSS), including the Bankers Committe has done a very good job to profound solutions to our financial and business activities this
initiatives will also enhance financial access and support the growth of a strong and inclusive digital economy of Nigeria,
