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
*Intensifies awareness to traditional, religious institutionsThe Central Bank of Nigeria yesterday said it would take appropriate measures where necessary to increase money supply in order to boost the availability of the redesigned naira notes nationwide.
Asked to clarify the specific measures that could be adopted, he said, “Tinkering means whether there will be a need to increase supply or the monitoring evaluation may show that there is a diversion for penalties or whether the banks are hoarding the banknotes deliberately or whether the banks are not even picking it; it could be available and the bank may not be picking it – there could be many issues. So, this monitoring exercise will reveal many things.
He said, “Any bank that diverts – collected the money and is not feeding into ATM or is allowing for withdrawal of new banknotes across over the counter – definitely, the CBN will look into it and declare appropriate penalties.” “Above all, this exercise is useful because it would put banks on their toes to know at least, that there is a monitoring mechanism now for them to disburse the new notes.
Earlier, as part of the activities of the central bank to drive awareness and sensitise the public on the newly redesigned banknotes, Kure also led the team to traditional and religious institutions within the Federal Capital Territory . Kure added that traditional institutions remained critical in the sensitisation of the public, particularly rural dwellers on the naira redesign programme.
While also assuring of the support of the traditional institution towards the betterment of the country, Yunusa made a passionate appeal to the CBN to consider citizens of the FCT for employment at the apex bank. “It is our responsibility to make sure that happens so that we don’t go and create insecurity, more inflation in the process of trying to achieve stability of our economy.”
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 Steps Up Nationwide Awareness Campaign on Naira Redesign Project – THISDAYLIVE
Read more »
Emefiele, govs to meet over withdrawal policy, naira redesignGovernors of the 36 states have planned to meet with the Central Bank of Nigeria, Godwin Emefiele, on Thursday over the present withdrawal policy and the redesigned naira notes.
Read more »
Naira redesign: Governors summon Emefiele over policyThe governors of the 36 states have summoned the Central Bank of Nigeria, CBN, Governor, Godwin Emefiele, over the withdrawal policy and the redesigned
Read more »
CBN sensitises Jigawa traders to new naira notes - Punch NewspapersThe most widely read newspaper in Nigeria
Read more »
New naira will curb corruption, inflation, CBN insistsThe Central Bank of Nigeria has expressed assurance that the new naira notes will circulate to every nook and cranny of the country before the January 31, 2023 deadline.
Read more »
CBN Warns Against Rejection Of Old Naira NotesAs the deadline allowed for transacting in old Naira Notes draws nearer, the Central Bank of Nigeria (CBN) has warned market women and traders in Bauchi not
Read more »