The Central Bank of Nigeria has expanded its awareness-raising effort to key markets in the Calabar city in advance of the January 31, 2023 deadline for the usage of obsolete Naira notes.
The effort to raise awareness was organized by Branch Controller for CBN Calabar, Glory Iniunam.
She clarified that the purpose of the activity was to alert people about the new Naira notes and the deadline for the use of the old notes.
The CBN team visited the Watt Market, Etim Edem Park, Bogobiri, Marian Market, Ikot Ishie Market, and 8 Miles Market as part of the sensitization program.
The branch controller stated that the expiration date for the old notes remains the end of the month and that they would stop being accepted as legal money on February 1st, 2023.
“What we are here for is to sensitise the people on the acceptance and the deadline for the new redesigned naira to let them know that as at 31January 2023, the old note will cease to be a legal tender and as at 1st February 2023, the new note will come to being completely and we are not going to use the old note anymore.
“Any one that has the old note should take it to the bank before 31st January 2023 and get the new notes.
“If you are going over the counter, we are still giving the old notes, the reason being that it is the ordinary people that use the ATMs and we want the money to get into circulation.
“You can still collect the old note from over the counter and use it but before the 31st of January, take it back to the bank and they must have received enough so they can give it to you,” she said.
She stated that the CBN will be doing spot checks to identify defaulting institutions and then sanction them. She also advised commercial banks in the state that it is illegal to load outdated notes in their ATMs.
She added that, “There are sanctions for ATMs still dispensing old notes.
“If there is anybody dispensing old notes, we are doing spot checks and are going to do another one today, tomorrow and by the weekend.
“Any ATM dispensing old notes, we will make a report and there are sanctions for them.”
Glory asked residents of remote communities without financial institutions across the states to band together and write to the bank so that POS agents might be dispatched to those places.