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CBN sensitizes Taraba residents on new naira notes, Jan 31 deadline

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CBN sensitizes Taraba residents on new naira notes, Jan 31 deadline


The Central Bank of Nigeria (CBN) on Saturday sensitized the business community and others keeping  old naira notes  at home on the urgent need  to deposit  them in the bank before January 31 deadline to avoid waste.

Malam Ibrahim Hassan,  Director of Financial system and  strategy  of the  CBN,  noted at an enlightenment campaign on new Naira at Jalingo main market that  there would  be no extention of date for depositing old Naira notes to the banks.

Hassan told the business community, officials of commercial banks and points_ of_ sale operators, who  gathered at the campaign that, there was no limit to amount of money to be deposited by individuals at commercials Bank and no  charges attached.

“Godwin Emefere, the CBN Governor has sent us to tell you that there will be not extension of the January 31 deadline for deposit of old naira notes to the banks.

“There is no limit to the amount of old noted to be deposited by individuals and organisations and no charges attached.

The Director explained  that decision by the apex Bank to redesigned three denominations including 1,000, 5,00 and 2,00 naira was not targeted at any group or persons.

“Data has shown a large volume of old  banknotes stored  at home   by the public and that has led to shotage of clean and fit notes.

“The new series of Naira notes will check counterfeit, strengthen the economy as well  as  reduce the expenditure on cash management ” he said.

According to him,the global standard  period for redesigning a country ‘s currency  was five to eight years, adding that the Naira was  long over due for redesigning.

Malam Ahmed Mustapha of the currency unit of the CBN told the people that the new notes met all the required standards and should be accepted for transaction by all.


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