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From Olanrewaju Lawal, Birnin Kebbi
The Central Bank of Nigeria (CBN) has taken the cashless economy policy sensitisation to markets in Kebbi State and warned traders that, the January 31 deadline for the usage of old naira notes of N200, N500 and N1,000 is sacrosanct.
Apex bank sensitisation team comprises of Kebbi State branch Comptroller, Mr Mannir Dantsoho Abdullahi, Deputy Director, Mr Abubakar Bello Abdullahi, a Director from CBN headquarters, Ismail AM, National Orientation Agency (NOA)State Coordinator, Mr Joseph Machika were in Birnin Kebbi Central Market, where they interacted with traders leaders market men and women.
While addressing the traders, Kebbi State Comptroller of CBN, Mr Mannir Dantsoho Abdullahi told the market men and women that, there was no going back on the deadline stipulated for withdrawal of old notes and Nigerians should not be deceived that there would be an extension.
According to him, the CBN Act of 2007 as amended vests in the Bank the responsibilities to issue and manage the country’s legal tender currency – Naira, Kobo and eNaira.
“The rationale behind the decision to redesign naira notes is that the data have shown that there is a large volume of banknote hoarding by the public which has led to a shortage of clean and fit banknotes. Increase in the rate of counterfeiting in the country and the long span of re-designation of naira notes which according to best practice, should be undertaken every 5 to 8 years.”
He noted that to make the deposit of old money easier for the general public, the apex bank has suspended charges on bank deposits from now till January 2023 to enable customers to make their deposits, even on Saturdays.
According to him, “all branches of the CBN and select branches of all commercial banks will work from Monday to Saturday during the transition period to enable citizens to deposit the N200, N500 and N1,000 banknotes in their possession.
“There are no plans by the CBN to remove or introduce new inscriptions on the Naira,” he said.
In his remark, Abubakar Bello Abdullahi, Deputy Director from CBN headquarters, commended the leaders of the traders for supporting the apex bank on the sensitisation for their members and stressed that the redesign of the naira and cashless policy is for the benefit of Nigerians.
Earlier, the State Coordinator of the National Orientation Agency (NOA)Kebbi State, Mr Joseph Machika told the CBN team that the agency would continue to enlighten the general public on the need to open banks accounts and deposit their money into it before the deadline expires.
He urged the general public to support the CBN policy as well as participate in the general elections with the collection of their PVCs and the 2023 National Population Census.
