The Central Bank of Nigeria emphasised on the economic benefit of the new note as sensitisation intensifies following the closeness of the deadline to phase out the old notes draw near.
The CBN has mobilised members of the team to Shasha Market, in Akure North Local Government Area of Ondo State to enlighten the traders to take their money to the nearest bank as the deadline still stands.
According to the apex bank, bank charges have been suspended until January 31, 2023, and there is no limit to the amount that a customer can deposit.
The Director of Branch Operations Department, Mrs Elizabeth Fasoranti, outlined the significant advantages of the new currency to the Nigerian economy. In accordance with Section 2(b) of the CBN Act 2007, she pointed out that currency management was a key function of the CBN.
In her words, “The benefits of the currency redesign to the Nigerian economy are enormous. This policy will help to control inflation as the exercise will bring the hoarded currency into the banking system, thereby making monetary policy more effective, it will also help with better design and implementation of monetary policy as we would have much more accurate data on money supply and monetary aggregates.
“We believe that this exercise would help in increasing financial inclusion, moving towards a more cashless economy, and ensuring greater formalisation of the Nigerian economy.
“The currency redesign would 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.”
Seriki Hausa of the Shasha market, Ibrahim Dangari, in his remarks commended the team for paying attention to enlightening the market people. He pleaded with the traders to deposit their old notes in the bank as soon as they could, rather than waiting until the time line elapses.
The Iyaloja of the Shasha market, Mrs. Bosede Abidakun, noted that the sensitization was timely and that it would provide the traders more information about the newly designed notes. She urged the traders to avoid rejecting the redesigned notes and bringing the outdated ones to the bank before January 31,
2023.
