GTB, FCMB, Access and other Banks start dispensing the New Naira Notes

The Central Bank of Nigeria (CBN) on Wednesday morning introduced a new family of banknotes, the New Naira notes from polymer substrate. The bank rolled out the N1,000, N500 and N200 denominations with enhanced security features and designs that reflect Nigerian heritage and values.

A commercial bank in Nigeria has commenced disbursement of the new polymer Naira notes to their customers.

GTB and its branch in Adeyemo Alakija Street in Victoria Island on Thursday started disbursement of The New Naira Note.

An eyewitness confirmed that a huge crowd was seen outside GTB branch on Adeyemo Alakija Street in Victoria Island Lagos awaiting the disbursement of the newly designed naira notes.

The new N200 N500 & N1000 note is being distributed at all branches of CBN:

First Bank Plc (FBP), Akwa Ibom State;
Ecobank Transnational Inc., Rivers State;
First Bank Nigeria Limited (FBN), Oyo State and Niger Delta;

According to reports, the new naira notes which is said to be made of polymer are far better and durable than the paper naira note currently in circulation.

The new naira notes have enhanced security features that include RFID chips embedded in them. This ensures that only authorized person can use it and not anyone else at any time.

The Central Bank of Nigeria (CBN) on Wednesday morning introduced a new family of banknotes, Naira notes from polymer substrate. The notes will be circulated on Thursday.

The CBN has said that the new currency is designed to replace all other currencies in circulation as well as support economic growth in Nigeria by increasing access and use of cashless payments by consumers and businesses alike.

The new Naira notes also include features such as embedded RFID chips that enable quick identification at all times with limited error rates; improved security features such as watermarking technology for large denominations; and more tactile features for blind persons or those with visual impairments by adding Braille text onto existing designs

The bank rolled out the N1,000, N500 and N200 denominations with enhanced security features and designs that reflect Nigerian heritage and values.

The note features an image of the National Anthem in both English and Hausa with “Nigeria” printed on both sides of the note with additional security features on each side including:

Embossed hologram foil on front face;
Intaglio printing over both faces;
Impressions from watermark pattern printed onto both faces;
Colour-shifting ink (CMYK) applied over images to prevent counterfeiting.

The CBN Director, Corporate Communications Department (CCD), said the apex bank will on Thursday 15th December, 2022 start circulating the new Naira notes to Nigerians across the country through Deposit Money Banks (DMBs).

The CBN is expected to send out over one million pieces of polymer banknotes with denominations ranging from 50naira to 500naira and 1,000naira denominations by next month.

Commercial banks have started dispensing polymer naira notes to customers

The new polymer naira notes are better than the old ones. They’re more durable, have enhanced security features and have designs that reflect Nigerian heritage and culture.

The bank said it will issue another round worth about $20 million anytime soon as there is demand for this kind of currency in many parts of the country where people need money because they don’t have access to banks or other financial institutions like mobile money providers who accept electronic payments from customers using smartphones or tablet devices like Apple iPad Pro 11″.

Conclusion

The new polymer notes are said to be more secure and durable than the paper naira notes currently in circulation. The Central Bank of Nigeria (CBN) on Wednesday morning introduced a new family of banknotes, christened Naira notes from polymer substrate. These banknotes feature enhanced security features and designs that reflect Nigerian heritage and values