The Central Bank of Nigeria,( CBN) has taken a sensitisation campaign to Wunti Market Bauchi on 13 days to the deadline set for the stoppage of the circulation of the old Naira notes by January 31, 2023 target.
Mr Sulaiman Laido, acting Controller CBN Bauchi Branch, while during the sensitization at Wunti market Bauchi on Tuesday said January 31, 2023 remains the deadline for old notes to remain in circulation.
He explained that CBN had redesigned, produced, and circulated a new series of N200, N500 and N1,000 notes. Saying that the three notes represent the highest denomination of Nigeria’s eight legal tenders.
Laido urged traders and the general public to make good the remaining periods and take their monies to banks.
“If you don’t have a bank account try and open one for your savings, don’t be stuck with money in your house or shop. If you don’t, take to banks before Jan.31 it will cease to be legal tender.
“The current series of N200, N500 and N1,000 notes would remain legal tender until the deadline of January 31, 2023.
“We advise the public to ensure they deposited all the old N200, N500 and N1,000 banknotes in their possession before the deadline of January 31, 2023.” he said.
The acting controller who led the team, along with officials of commercial banks operating in Bauchi assured the traders that they would not be charged any fee irrespective of the amount they deposited in the banks.
He explained that the benefits of the currency redesign to the Nigerian economy were enormous, adding that the policy would help to control inflation and bring the hoarded currency into the banking system.
“It would also help with better design and implementation of monetary policy as the country would have much more accurate data on money supply and monetary aggregate.
“We believe that this exercise would help in increasing financial inclusion, moving towards a more cashless economy and ensuring greater formalization of the Nigerian economy.
“The currency redesign would also assist in the fight against corruption as the exercise would rein in the higher denomination used for corruption, and the movement of such funds from the banking system could be tracked easily,” he said.
According to him, the larger percent of currency in circulation are outside the vaults of commercial banks, with small percent in the Central Bank and commercial banks’ vaults.
Laido advises the public to ensure that they deposit cash holdings in these denominations at their commercial banks.
“There is no limit to how much a customer can deposit between now and January 31, 2023 as the CBN has suspended bank charges”. He said.
The acting Controller urged traders’ payment centers such as eNaira, POS, electronic transfer, internet banking, and mobile money operators and agents among others for their economic activities.
Also Speaking, Director of the National Orientation Agency, NOA,in the state Mr Nura Kobi urged the public to endeavor to adhere to the policy to save their business and the economy of the country.
He said the agency has the responsibility of taking the messages of the new redesign naira notes policy across the 20 local government areas of the state.
“The Agency would take messages to traditional rulers of communities, markets and churches to sensitize,”Kobi said.