CBN Intensifies Nationwide Awareness on Redesigned Naira *Insists new banknotes have come to stay *Sensitises Onitsha traders, Kano grain marketers, others on security features of new notes *Maintains
*Sensitises Onitsha traders, Kano grain marketers, others on security features of new notesJames Emejo , David-Chyddy Eleke, James Sowole and Ibrahim Shuaibu
The exercise afforded traders the opportunity to ask questions and disabuse their minds about the negative conceptions they had about the redesigned currencies denominations, as well as the January 31, 2023 deadline for the return of the old naira notes. He also reminded the businessmen and women that the old naira denominations being withdrawn from circulation would cease to be legal tender after January 31.
Highlighting the basic challenges of currency management in recent times, Ogbu pointed to a significant hoarding of banknotes by members of the public. “We believe that this exercise would help in increasing financial inclusion, moving towards a more cashless economy, and ensuring greater formalisation of the Nigerian economy.
The Branch Controller, CBN Awka, Mr. Benedict Maduagwu, who spoke at the Onitsha Main Market, Anambra State, urged the traders to ensure that they return their old N200, N500 and N1,000 notes before the deadline.Speaking on the reasons for redesigning the currencies, Maduagwu said: “This statistic shows that 84.71 per cent of currency in circulation is outside the vaults of commercial banks, with only 15.29 per cent in the central bank and commercial banks’ vaults.
The Chairman of the market, Mr. Innocent Ezeoha complained that despite the short duration of the deadline, commercial banks were not dispensing the new notes yet, to customers. The CBN Abeokuta Branch Controller, Alhaji Wahab Oseni, said this during an enlightenment campaign at Kuto Market, in Abeokuta South Local Government Area of Ogun State, which was attended by market men and women and their leadership.
The controller advised the people to make use of the alternative means of payment like the point of sale , e-Payment, among others, to reduce the cash they would be carrying about. “It is untrue that if you rub the new naira notes and see the mark of the ink means the currency is fake. That ink mark is the sign of quality. It means it is genuine, not fake. That is the feature that shows a currency is genuine.
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