Home News Naira Redesign: CBN takes sensitisation campaign to Bauchi market

Naira Redesign: CBN takes sensitisation campaign to Bauchi market



BAUCHI- The Central Bank of Nigeria (CBN), on Wednesday, took its sensitisation campaign to Wunti Market in Bauchi, for traders to embrace the policy of the redesigned Naira notes.

Mr Sulaiman Laido, acting Branch Controller, CBN, Bauchi, while speaking at the campaign urged traders to embrace the redesigned currency notes as the country’s legal tender.

He also reminded them that the old denominations would cease to be legal tender on January 31.

“The affected denominations are; N200, N500 and N1,000 currency notes that will be exchanged for the old bank-notes by January 31,” 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 will also help with better design and implementation of monetary policy as the country will have much more accurate data on money supply and monetary aggregate.

“We believe that this exercise will help in increasing financial inclusion, moving towards a more cashless economy and ensuring greater formalisation of the Nigerian economy.

“The currency redesign will also assist in the fight against corruption, as the exercise will 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 per cent of currency in circulation are outside the vaults of commercial banks, with small per cent in the Central Bank and commercial banks’ vaults.

Laido advised the public to ensure that they deposit cash holdings in the affected denominations at their commercial banks.

“There is no limit to how much a customer can deposit between now and January 31, as the CBN has suspended bank charges,’’ he said.

The acting Controller urged traders to use payment centres such as eNaira, POS, electronic transfer, internet banking, and mobile money operators and agents among others for their economic activities.

Also Speaking, the state Director, National Orientation Agency, (NOA) Mr Nura Kobi, urged the public to adhere to the policy to save their businesses and the nation’s economy.

He said the agency has the responsibility of taking the messages of the new redesign Naira notes across the 20 Local Government Areas of the state.

“The Agency will take the message to traditional rulers, communities, markets and places of worship to sensitise them,” Kobi said. (NAN)

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