THE Central Bank of Nigeria, CBN, has advised traders and residents of Bayelsa State to reject old notes from banks, emphasizing that they have the right to demand that new redesigned Naira notes be issued to them.
The Controller, CBN Yenagoa branch, Mr. Francis Asuquo, stated this at the Swali Ultra Modern Market, Yenagoa on Friday, as part of the sensitization of members of the public on the new redesigned Naira notes.
Asuquo, who urged the traders to embrace the new redesigned notes and ensure they beat the January 31 deadline for the return of old notes, explained that the currency redesign is well timed, as it seeks to discourage counterfeiting, money laundry, inflation, and to enable the control of money in circulation.
He said: “Associated with this policy is the need to move from cash base to cashless form of payment to through other payment channels which are available, accessible and available to use. So let us open bank accounts, have our BVN and identify the features and benefits of the new redesigned currency notes.
“The change in our currency design is well timed as it seeks to discourage counterfeiting, money laundry, inflation, and to enable the control of money in circulation.”
With seven days to the January 31, 2023 deadline for the phasing out of the old N200, N500 and N1, 000 banknotes, the Central Bank of Nigeria (CBN) at the weekend reiterated the need for bank customers to embrace its cashless policy and the use of alternative banking channels.
The central bank also alleged that commercial banks that continued to load their Automated Teller Machines (ATMs) with the old currencies were frustrating its naira redesign project.
Some CBN officials who spoke in Port Harcourt during a sensitation and public awareness exercise, also warned commercial banks against hoarding the new currencies. That was as bank customers in Rivers State lamented poor circulation of the new bank notes.
In Yobe State, the governor, Hon. Mai Mala Buni, appealed to the CBN to extend the January 31 deadline for the return of the old N200, N500 and N1, 000 banknotes, saying residents of the state should be given special concession.
Buni’s request came few days after governors of the 36 states under the aegis of the Nigeria Governors’ Forum (NGF), said they were not opposed to the naira redesign project of the CBN.
In continuation of its public awareness and sensitisation exercise ahead of the January 31 deadline, the central bank has solicited the support of the traditional rulers and other opinion leaders to help in sensitising their protégés to deposit old monies that are still in their custody in the banks before it is too late.
