CBN Steps Up Nationwide Awareness Campaign on Naira Redesign Project •Insists there is enough new banknotes to go round •Maintains no going back on January 31 deadline as Ondo residents call for extension Nume E
•Maintains no going back on January 31 deadline as Ondo residents call for extensionThe Central Bank of Nigeria yesterday continued with its nationwide sensitisation and public enlightenment exercise on its naira redesign project as the January 31, 2023 deadline for the retirement of the old N200, N500 and N1,000 draws closer.
“I can tell you today that the CBN on daily basis issues out the new notes. As we speak, banks are with the CBN taking money. We are actually begging banks to come and take money from the central bank. We have these new naira in our vaults and we are begging banks to come and take it. Responding to questions from traders in the market that some persons were already hawking the new notes, stressed that anyone caught would face the full wrath of the law.
On his part, the Olukosi of Ikeja Land, Chief Lateef Oluseyi, assured the CBN of the support of the traditional ruling house in educating the community. According to him, “statistics showed that N2.72 trillion out of the $3.26 trillion currency in circulation as of June 2022 was outside the vaults of commercial banks across the country, and supposedly held by members of the public. This statistic shows that 84.71 percent of currency in circulation are outside the vaults of commercial banks, with only 15.29 percent in the central bank and commercial banks’ vaults.
At the gathering, the traders were counselled on the currency redesign project and various monetary policies of the bank. The CBN Branch Controller insisted that the redesigning of the naira was to help deepen the drive for a cashless economy, as it would be used alongside the e-naira and other digital payment platforms.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CBN injects $15.3bn to stabilise nairaThe Central Bank of Nigeria injected $15.3bn into the economy to stabilise the value of the naira from January to October, 2022.
Read more »
CBN confirms Emefiele’s resumption, silent on alleged planned arrest• Charge gov to court if you have evidence, Adegboruwa tells DSS • We didn’t invade apex bank, says secret police Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has resumed duty after weeks of suspense about his whereabouts. The Director, Corporate Communications of the CBN, Osita Nwanisobi, who disclosed this in a statement in […]
Read more »
FAKE NEWS ALERT: We didn't invade CBN, says DSS | TheCableThe DSS has described reports that its operatives invaded the Central Bank of Nigeria (CBN) to arrest Godwin Emefiele as 'fake news'.
Read more »
Constitution amendment, Buhari's CBN loan, others top agenda as NASS resumes todayThe bill is also aimed at providing an open door and encouragement for other members of the group who are still engaged in the...
Read more »
CBN Governor, Emefiele's ordeal may crash naira, economy - YusufThe former executive secretary of the National Health Insurance Scheme, NHIS, Prof Usman Yusuf, has said the Central Bank of Nigeria Governor, Godwin
Read more »
EXCLUSIVE: CBN, FAAC at loggerheads over probe of federation revenue accounts | TheCableFederation Account Allocation Committee (FAAC) says the Central Bank of Nigeria (CBN) has disregarded its invitations to answer questions on revenues moved to the federation account between January 2006 and
Read more »