Naira Redesign: CBN May Increase Money Supply to Boost Availability of New Banknotes *Vows to punish any bank found hoarding currency *Intensifies awareness to traditional, religious institutions James Emejo in Abuja and Onuminya Inno
· Monitors ATMs to ensure banks’ complianceAmby Uneze in Owerri, Igbawase Ukumba in Lafia, James Sowole in Abeokuta, Fidelis David in Akure and Francis Sardauna in Katsina, Okon Bassey in Uyo, Nume Ekeghe in Lagos, Blessing Ibunge in Port Harcourt, Emmanuel Ugwu-Nwogo in Umuahia, Ibrahim Shuaibu in Kano, Kemi Olaitan in Ibadan, Adibe Emenyonu in Benin City, Seriki Adinoyi in Jos and Hammed Shittu in...
He said: “When you go to any bank and you are issued the old N200, N500 and N1000, do not collect from January 31, 2023, because you will be collecting tissue paper that will not be acceptable from January 31, this year. Following complaints raised by residents and traders at the sensitisation meeting between the CBN with traders, the CBN boss decided to visit five commercial banks in Lafia, the Nasarawa State capital, to ascertain the level of compliance to the directive given by the apex bank. Among the commercial banks visited were Access Bank, Zenith Bank, United Bank for Africa Plc, FCMB, First Bank, GTBank, among others as they were found despensing the old naira notes.
The situation has persisted despite the threat by the CBN to sanction any bank that as at yesterday was still paying their customers the old notes. Enthusiastic traders turned out in their large numbers to learn about the features of the new naira notes which was introduced in the country last month. Boma also used the opportunity to educate the traders on how to recognise the new currency notes, and warned residents, market women and leaders not to pay charges while depositing the old naira notes to their respective commercial banks in Imo state.In Ondo State, officials of the central bank yesterday stormed ATM galleries in different commercial banks in Akure, with a view to ensuring compliance with payment order on the redesigned naira notes.
But some residents of Ondo State lamented the non-availability of the new currencies at some of the ATMs. Umar explained that the apex bank has enough new naira currency which have since been distributed across commercial banks for onward disbursement to their respective customers through ATMs. Addressing the traders at Mile 1 market, Port Harcourt, Okafor, harped on the benefit of the redesigned currency.He said: “The CBN which started cashless policy since 2012, is now set to deepen it in Nigeria, and there is no going back. Henceforth, tracking of currency that leaves the CBN has started with the redesigned money.”
He, therefore urged traders and other Abians to cultivate the habit of transacting their businesses without carrying huge amounts of money about as the apex bank has provided seamless payment systems for people to utilise. “You have the right to report any bank found hoarding the new naira notes or refuse to collect your old naira notes before the 31st January 2023 deadline.”
Iniunam told the people to return the old N200, N500, and N1000 to the banks before the January 31st deadline set by the CBN for the old denominations to be withdrawn from the banking system.In Akwa Ibom State, the CBN was lauded for the ongoing enlightenment campaigns on its naira redesign project. A driver, Mr. Emmanuel Udoh said they don’t have power to reject the redesign naira notes since it was government directive and policy.
Speaking at a sensitisation workshop at the popular Oba Market in Benin City, the Assistant Director and Acting Branch Controller, Benin Branch of the CBN, Michael Mgbeze, also said the apex bank have sufficiently provided the new banknotes to banks assuring that from this weekend, all ATMs would no longer dispense the old notes.
This was just as it said adequate new naira notes have been dispensed to the banks in Ibadan, the Oyo state capital, for onward distribution to the banks all over the state. She enjoined market men and women to ensure that they deposit the old notes at their commercial banks before the deadline, disclosing that there is no limit to how much a customer can deposit between now and the deadline.
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