Naira Policy: CBN sensitises marketers, others, reassures availability of new banknotes

*The Central Bank of Nigeria says the Bank is recording more cash deposits now, as it assures the country’s banking regulator will push more new Naira notes into circulation and the economy

Gbenga Kayode | ConsumerConnect

As part of its efforts at increasing public awareness of the objectives of the redesigned Naira notes, the Central Bank of Nigeria (CBN) has assured marketers and traders on the country, that the Bankers’ Bank has made the redesigned N200, N500 and N1000 notes available for them via Automated Teller Machines (ATMs).

ConsumerConnect reports Mr. Koyor Baribokola, Branch Controller of CBN, in Lagos State, gave the assurance Tuesday, January 10, 2023, when the Bank took its sensitisation tour on the redesigned  banknotes to Balogun Market, in Lagos.

Baribokola said the Bank initially had a challenge as people were not depositing the old notes.

It is recalled the redesigned banknotes hit the circulation for use December 15, 2022.

He, noted, however, that the situation had changed for the better.

The CBN Branch Controller stated: “We are having much deposits now; this gives us the confidence to push more new notes into circulation and into the economy.

“We are making them available to you, and you will have them if you haven’t had them before. “Please have the assurance that you are going to have them.

He as well said: “We pushed out a lot last week, and today we are continuing with it. Part of the meeting was what delayed my coming out here (Balogun Market).

January 31 deadline for old banknotes stays: Baribokola

Meanwhile, the CBN Branch Controller in Lagos State has stated: “We set a date for the deadline for the complete change over that is January 31, and for now, that stands.

“We have not extended or changed the time.

“So, between now and the January 31, all the old 1,000, 500 and 200 notes you have in your possession, bring it to the bank and then take new ones.”

ConsumerConnect reports the deadline remains 19 days, nine hours, and 10 minutes, according to a notice on the Bank’s corporate Web site as of the time of filing this report.

He further encouraged stakeholders to be the Central Bank’s mouthpiece by spreading the message, while protecting and keeping the new Naira notes safe.

Baribokola urged consumers: “Please have the assurance that the new Naira notes were redesigned in the interest of all Nigerians, including you so that you have them and you enjoy spending them and keep them safe, and as much as possible, try and also do electronic transactions.

“We encourage people to use our e-channels to do transfers, to spend, to buy and to do all that you need to do to share with your friends and your families.”

Speaking at the forum, Oloyeola Bisi Balogun, Head of Union Homes, Success Market, commended the banking regulator for choosing to begin its sensitisation with the traders in the country.

CBN urged to increase awareness campaigns on new banknotes

Balogun, however, asked the CBN to do further awareness campaigns on the new notes, particularly at the grassroots.

She noted there are several people who are yet to see the new notes.

Balogun said: “Let them relate more with the grassroots because the percentage of the people at the grassroots is more than those people in urban areas.

“The CBN has tried to improve the economy through the redesigned notes but we all know that in Nigeria when something is introduced newly, there’s bound to be complaints.”

She noted: “We also had the same complaints when the old notes that we are used to now, were first introduced.”

In his comment at the sensitisation programme, Mr. Amos Adamu, a dealer in suitcases, who saw the new notes for the first time on the occasion, said: “I have never seen the new notes, but if the redesigned notes can make Nigeria a better place for the masses, I support it.

“Because changing these three denominations will affect the poor because many do not have bank accounts to go and deposit the old notes.”

Mrs. Rebecca Ukachi, a trader also, said though she disliked the new notes because they look like fake notes, she would collect them whenever customers bring them to buy goods from her.

Ukachi stated: “Let us be sincere, the new notes look fake, but I do not have an option; I will collect it because it is legally acceptable.

“But I still prefer the old notes because of the quality,” she said.

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