Mr. Godwin Emefiele, Governor of CBN

CBN committed to protecting unbanked, underserved consumers with Naira redesign -Official

*The Central Bank of Nigeria discloses it is taking steps to ensure vulnerable consumers do not suffer untoward hardship due to the Naira redesign initiative in the West African country

Gbenga Kayode | ConsumerConnect

As the apex bank accelerates efforts at redesigning, production and issuance of new selected Naira denominations, the Central Bank of Nigeria (CBN) has restated its commitment to protecting interests of millions of unbanked and underserved Nigerians, consumers, mostly residing in the rural areas.

Mr. Osita Nwanisobi, Director of Corporate Communications at CBN, said this in a statement issued Sunday, November 13, 2022, against the backdrop of the planned redesign and issuance of N200, N500 and N1,000 respectively.

Nwanisobi expressed satisfaction at the positive response of the banking public to the Bankers’ Bank plan on the Naira redesign project.

ConsumerConnect had reported Mr. Godwin Emefiele, Governor of CBN, recently announced that the redesigned Naira denominations would be released into circulation come December 15 this year.

The Director of Corporate Communications also stated that the CBN remains committed to seamless implementation of the project, with a view to preserving the integrity of the Naira by reducing the volume of cash outside the banking system in the West African country.

He stated: “The CBN is pleased to note the positive response of the banking public to the policy through increased currency deposits across banks and other financial institutions.

“The CBN remains committed to the seamless implementation of the initiative to ensure the achievement of its objective to preserve the integrity of local legal tender.”

The Director further noted: “This will be achieved by reducing the significant amount of cash outside the banking system and its use for criminal activities, curtailing counterfeiting and promoting financial inclusion.”

Nwanisobi said that the CBN was taking steps to ensure that vulnerable Nigerians would not suffer untoward hardship due to the Naira redesign initiative.

“Accordingly, the banking public in rural and underserved areas may access CBN branches in the 36 states for enquiries.

“They can make enquiries about options for depositing their current N200, N500 and N1,000 notes, account opening process and financial access points,” he said.

The CBN Director of Corporate Communications stated:  “agent locations” across the country have been fully enabled for Bank Verification Number (BVN) registration, opening of bank accounts and eNaira wallets, electronic card distribution and cash deposit.

“Due to the policy, the agents have also been accorded priority to enable them deposit cash collections through bank branches across the country.

“The CBN shall continue to monitor developments and issue updates to the banking public on the implementation of the Naira redesign policy as may be necessary.”

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