CBN Steps up Nationwide Sensitisation on New Naira Notes * Directs DMBs, MMOs, to swap cash in rural, underserved areas Nume Ekeghe, Sylvester Idowu, Yinka Kolawole, David-Chyddy Eleke, James Sowole Exact
Nume Ekeghe, Sylvester Idowu, Yinka Kolawole, David-Chyddy Eleke, James Sowole
Team leader of the apex bank and representative of the CBN Governor, Godwin Emefiele, Sunny Amorighoye Daibo, a Deputy Director of Finance, said the traditional institutions remained critical in the sensitisation of the public, particularly the rural dwellers on the naira redesign programme. The CBN team later stormed the popular Igbudu and Ibo markets where traders were sensitised about the redesigned naira notes and assured them of the availability of the new currency.
While explaining the features of the redesigned N200, N500 and N1000 banknotes, Daphne said the banknotes would enhance security, greater durability, and attractiveness. The traders said they only buy the new notes from black market retailers, wondering how black market operators could have the notes in large quantities, when commercial banks complain that they are scarce.
However, in Abeokuta, Ogun State, the CBN, yesterday, said no fewer than 95 per cent of banks, visited by its officials, have complied with the directive to dispense only new Naira notes through their ATMs. The controller advised the traders and members of the public not to wait till January 31, 2023, before they rush to banks to deposit their money as the deadline fixed for the exercise has not changed.
“It is an international best practice for any central bank to redesign their currency every five to eight years and the last time we redesigned was 20 years ago, which has made the issue of counterfeiting easy.”In a bid to further deepen the penetration of the redesigned naira notes to the general public, unbanked and underbanked, the CBN yesterday directed Deposit Money Banks , Money Operators, and super agents to swap the old notes in the rural areas, to improve circulation of the new notes.
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