New Naira Notes: CBN Takes ‘Beat The Rush’ Campaign to Asaba
Omon-Julius Onabu in Asaba
Central Bank of Nigeria (CBN) has said that it has put adequate measures in place to ensure that Nigerians fully embraced the newly designed N1,000, N500 and N200 as the country’s legal tender in order to actualise the January 31, 2023 deadline for expiration of the respective denominations of the existing old naira notes.
The CBN stated this yesterday in Asaba during the sensitisation of stakeholders, including traders and members of the public, on the Nigerian currency redesign, held at the popular Ogbe-ogonogo Market, covering South-south geo-political zone of the country.
The Branch Controller, CBN, Asaba Branch, Mr. Goodwin Okafor, who noted that the first phase of the exercise was taking place this week at certain major markets in some cities across the country, said that Nigerians should boldly embrace the redesigned currency notes as the country’s legal tender.
He pointed out that whereas the law provides for such redesign of the banknotes from time to time by the apex bank, the redesigning of the naira notes had been long overdue, adding that the benefits of the new notes are many.
There was absolutely no need for people to reject the new naira notes, he said, Okafor said, urging the people the comply with the CBN’s guidelines on withdrawal limits by individuals and corporate organisations, and depositing of the old naira notes into the commercial and other banks before the 31st January deadline stipulated by the CBN.
Redesigning of the denominations of the naira notes would enhance the process to achieve the Cashless Policy in Nigeria and help drive other monetary and economic policies in the country, he said.
The CBN mandate in this regard is enshrined in Section 2(b) of the CBN Act 2007, he noted while longer itemizing the benefits of the banknotes redesigning.
Okafor said: “Global best practice for central banks of respective countries to redesign, produce and circulate new legal tender currency every five to eight years to ensure effective currency management and achievement of of monetary policy objective. The existing seriesof currencies in Nigeria have not been redesigned in the past 15, 19, and over 20 years, which has been long overdue to redesign.”
The essence of the sensitisation initiative was to continue to enlighten traders and market people on why the value of the naira redesign by CBN, so that Nigerians understand why they should respect the naira as well as encourage and promote the e-Naira usage towards achieving daily digital transactions in the country.
However, the CBN Asaba Branch controller listed the benefits of redesigning to include, deepen the drive for a cashless economy, enhance the security features of the naira so as to check counterfeiting and illegal or criminal use of huge sums of cash by kidnappers and bandits as well as discourage the hoarding of bank notes by Nigerians.
Aside the contribution of supportive agencies like the NOA and POS operators, Mrs Nneka Odumah of the Currency Operations Department of the CBN and several officials of the Consumer Protection Department were on hand to answer questions from stakeholders, including traders, journalists and various visitors to the market.
President Muhammadu Buhari had on November 23, 2022, unveiled the country’s redesigned currency notes at the weekly Federal Executive Council (FEC) meeting in Abuja.
The unveiling of the new bank notes in Nigeria was coming about one month after the CBN Governor, Mr Goodwin Emefiele, announced the imperative of redesigning the N200, N500 and N1000 currency notes that would be exchanged for the old bank-notes by January 31, 2023.
Yesterday’s event in Asaba, which featured the open distribution of various handbills and flyer’s on the naira redesign, was attended by representatives of about ten commercial banks, officials of the National Orientation Agency in the state as well as leaders of Ogbe-ogonogo Market and other market associations in the area.
