CBN, FCTA Step Up Sensitisation Campaign on Naira Redesign Project

•Late delivery of invitation letters stalls lawmakers’ meeting with bank CEOs, rescheduled for today

Olawale Ajimotokan, Juliet Akoje in Abuja, Nume Ekeghe and Oluchi Chibuzor in Lagos

With six days to the expiration of the Central Bank of Nigeria (CBN) January 31st deadline for the phasing out of the old N1,000, N500 and N200, the FCT Administration has stepped up sensitisation of residents especially rural dwellers across the 17 Chiefdoms in Abuja.

Yesterday through its Department of Reforms Coordination and Service Improvement (RCSI), it took the awareness campaign targeted at further dissemination of the information about the CBN’s new currency policy to the residents especially those at the grassroots level, to traditional rulers across the 17 chiefdoms of the FCT.

Explaining the initiative during a visit to the Palaces of Sarkin Bwari and Esu Bwari, Abuja, Mr. Fatai Bello, who led the FCTA team from RCSI, said the FCT Administration under the leadership of the FCT Minister, Malam Muhammad Musa Bello was concerned that as the January 31 deadline was fast approaching, the newly redesigned currencies might not have gotten to the rural communities of the FCT.

This, he said, explained why FCTA decided to assist in engaging traditional rulers and to ensure that they got to their subjects, urging that they should take their money to banks before the expiration of the deadline.

“The campaign is being carried out in the 17 Chiefdoms of the FCT across the six Area Councils. We already have the giggles being running on most of the radio stations, so the message is actually going down to the target group, who are receiving the message quite well.

“It is our responsibility as the Reform Coordination and Service Improvement Department, for which we run 24/7 call centre. And we received daily via calls some of the questions and concerns raised during the visit to the   Chiefs. We have a mechanism of which we pass these concerns to the appropriate authorities, and get feedback,” he added.

At the Sa Bwaya palace in Bwari, the the Esu Bwari, HRH Ibrahim Yaro, who commended the FCT Minister for the sensitisation effort, said they have been trying their best to see that people having old notes in their houses should take them to the banks on or before the deadline.

On his part, Sarkin Bwari, Alhaji Awwal Musa Muhammad Ijakoro, suggested that the government could consider provision cash collection centres in rural areas, so as to help ameliorate the hardships that the people go through to deposit their old currencies in the banks outside their settlements.

In Lagos State, the central bank continued its aggressive sensitisation and monitoring on the circulation of the newly redesign naira across the state. The CBN also urged Nigerians to embrace cashless policy for high volume transactions.

 A check at some banks within the community showed that Zenith Bank at Lagbade, Epe, was dispensing the new notes, while other banks cited logistics reasons to get the new notes from the currency management hub in Lagos Island as reasons for their continued issuance of the old notes.

Speaking at the Oluwo Modern Fish Market, Epe, the Deputy Director, Other Financial Institutions Supervision, CBN, Mrs. Monsurat Vincent, urged the fishing community to embrace the bank’s cashless policy in their daily market transaction.

Explaining the key features of the re-designed note to the riverine community, she stressed that there would be no extension to the deadline by the apex bank, as such they must report banks which refuse to collect the old notes from them.

 “So we are encouraging everyone to please use the ATM channels as the new notes are available there. The volume of cash in circulation is extremely on the high side, costly, and is not safe; that is why we are saying let us embrace the cashless policy, ” she said.

Speaking also, the Iyaloja of Oluwo Modern Fish Market, Epe, expressed the desire of her members to embrace cashless policy, but expressed concern over the inability of banks to issue them the volume of money needed for their daily transactions.

Meanwhile, the House of Representatives Adhoc Committee constituted to interface with the CBN and Chief Executive Officers (CEOs) of banks yesterday said late delivery of invitation letters to the invitees stalled the meeting.

This disclosure was made by the Chairman of the Committee and leader of the House, Hon. Ado Adoguwa an hour after they had gathered for the meeting.

He told the members of the committee that they had scheduled to meet with the CBN officials yesterday and the bank CEOs today.

He said a communication received from the CBN’s liaison officer said the meeting was received late.

“The meeting with the apex had been rescheduled for Thursday by 1pm, adding that they would therefore meet with the Bank executives,” he explained.

Doguwa further explained: “You can all agree with me that the resolution was taken at the end of our sitting yesterday, 24th January 2023 and before we could finish necessary procedures, the letters were sent to the CBN late.

“So, the liaison officer of the bank spoke to us this evening that they were not able to really act on the letter to allow for their engagement today.”