The Sultan of Sokoto, Muhammadu Sa’ad Abubakar, has urged the Central Bank of Nigeria to reconsider the January 31 deadline for the old notes to remain in circulation in the country. The monarch who said this whole hosting the CBN Comptroller in charge of Sokoto State, Dahiru Usman, and some Apex bank officials on Thursday at his palace, adding that many people were still unaware of the redesigned naira notes, especially in the rural areas.
Sultan Of Sokoto Faults Nigeria’s Central Bank Over Naira Notes' Redesign, Queries January 31 DeadlineThe old notes are expected to be out of circulation by January 31 yet there is scarcity of the new notes as banks keep dispensing old notes to their customers.The Sultan of Sokoto, Muhammadu Sa’ad Abubakar, has urged the Central Bank of Nigeria to reconsider the January 31 deadline for the old notes to remain in circulation in the country.
The old notes are expected to be out of circulation by January 31 yet there is scarcity of the new notes as banks keep dispensing old notes to their customers. Sultan noted that lack of security was another issue, as some people were unable to transport large sums of cash from their village to banks in the city for fear of being robbed or kidnapped.He also expressed concerns over how the withdrawal limit might affect businesses in the country.
SaharaReporters had reported how a cross section of Nigerians and managing authorities of commercial banks asked the Central Bank of Nigeria to extend the January 31 deadline for the old naira notes.
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