Connect with us

    Hi, what are you looking for?

    E-Financial

    CBN Debunks Scarcity of New Naira Notes

    new naira notes

    Central Bank of Nigeria (CBN) has denied scarcity of the new naira notes as alleged by some Nigerians.

    Godwin Emefiele, CBN Governor, represented by Musa Jimoh, Director, Payment System Management Department of the bank, dismissed the allegation at a news conference in Jos.

    ”The CBN has massively supplied the new notes to commercial banks to dispense both at counters and ATMs.

    Read Also: CBN Gov Godwin Emefiele Insists on January 31 Deadline for Old Naira Notes

    ”This is to enable quick circulation and we want to advice commercial banks to desist from keeping the cash away from the public or face the stiffer sanction,” he said

    Emefiele advised citizens to deposit their old notes at any commercial bank and acquire new ones with immediate effect, insisting that the Jan. 31 deadline remained sacrosanct.

    The CBN governor explained that the decision to redesign the currency shows that the apex bank is in tandem with global standard, adding that currency notes ought to be redesigned within five years.

    He, however, regretted that it took Nigeria nine years since such changes was last effected.

    Speaking during a ‘monitoring and sensitisation’ exercise held in some locations in Jos, the CBN governor said that the decision to redesign the country’s higher denominations of currency was a national project aimed at addressing problems related to cash circulation.

    He added that it would also solve the challenge of prolonged savings in piggy banks, cash hoarding and incidences of fake currencies.

    “The Monitoring and Sensitisation project was activated by the apex bank for investigation of the attitude of banks toward the spread of the new currencies.

    ”We are equally using it to create awareness on the use of agents to circulate the cash in communities with few or no bank branches available,” he said.

    He advised that faulty currencies be returned to banks for replacements and cautioned people entertaining the thought that the CBN might extend the deadline to desist as they could face losses. (NAN)

    Loading

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    News

    Nigeria Civil Aviation Authority (NCAA) has dismissed recent claims by Senator Orji Uzor Kalu alleging lapses in pilot preparation, substance abuse among flight crews,...

    Tech

    OpenAI Chief Executive Officer, Sam Altman, has announced a major policy shift for the company’s flagship chatbot, ChatGPT, revealing plans to relax content restrictions...

    News

    Sultan of Sokoto, Alhaji Sa’ad Abubakar III, has called for the regulation of social media in Nigeria, warning that its unrestrained use poses a...

    News

    The Senate has confirmed Professor Joash Amupitan as the new Chairman of the Independent National Electoral Commission (INEC) following a voice vote by lawmakers...