Make Process of Cash Deposit Easier for Nigerians, CBN Charges Banks

*PDP chieftain hails CBN, Buhari over cash swap deadline extension

Blessing Ibunge in Port Harcourt, Yinka Kolawole in Osogbo, Hammed Shittu in Ilorin and Sylvester Idowu in Warri

The Central Bank of Nigeria (CBN) has called on commercial banks across the country to make process of cash deposit easier for Nigerians.
The Branch Controller of CBN in Port Harcourt, Mr Maxwell Okafor, made the call yesterday, during a cash swap programme held at Access Bank, Rumukwurisi along Aba Road and Polaris Bank in Igwuruta, Ikwerre Local Government Area of Rivers State.

The CBN officials aided in coordinating banking agents that participated in the cash swap programme.
Okafor, who noted that the cash swap process was slow, disclosed that the CBN has always made sure that the banks have the needed money to make their work very easy.

He regretted that hoarding which should have been ruled out of the process after their last warnings to the banks, seems to be taking place.
The CBN Port Harcourt branch controller promised to continue to monitor the process to ensure that the right thing was done without putting the people through pains to withdraw or deposit their money.
“The exercise going on here is a direct cash swap for Nigerians, especially those that do not have bank accounts. The process is going to last till the last day of the naira exchange.

“I am very satisfied, the enthusiasm is there, the interest is there. There is a massive response of the people at short notice and many of them mentioned that they are going to call their parents in the villages.
“In the past two days, we have made sure that banks get enough money. Some of them took money to Bonny Island, we were there on Friday to monitor it, all the banks in the area now have cash, all there ATMs are up and running and they paying very well.

“So, we will also monitor the exercise much as possible in other riverine areas of the state. As we speak, CBN is ready to disburse alot of cash to banks even today. Banks are free to come today, our office is open as we speak. They can come in to collect and deposit their cash,” he added.
He also said the central bank was doing everything to checkmate the hoarding of the currency.

Meanwhile, in Kwara State, following the extension of naira cash swap deadline, the CBN Ilorin branch, at the weekend assured residents of the state that no one would be denied of having access to the new naira bank notes in the state.
The apex bank said it has made available enough new naira notes to the commercial banks in the state in order to be distributed to their ATMs for residents of the state.

The Ilorin branch controller of CBN, Mr. Lamidi Najim Olawale stated this in Ilorin, during the monitoring of activities by management of the CBN.
Among banks monitored were the United Bank for Africa Plc, Zenith Bank and Access Bank.

Olawale, however said the CBN had put all measures on ground that would assist residents of the state to have access to the new bank notes.
He said that, “The CBN is asking Nigerians to quickly use the opportunity of the remaining days to exchange their old naira notes to new ones.”
Olawale added, “The newly redesigned naira notes were introduced by the CBN to control the amount of money in circulation, check counterfeiting, lower inflation rate and discourage ransom payment.

“Apart from exchanging the new notes in banks, the apex bank says it has also made available cash swap to allow those in the rural communities swap their old currency for new ones”.
Residents of the state lauded the CBN for extending the deadline.
Some of the residents who spoke with journalists yesterday, said the gesture would go a long way in helping them to return their old naira notes and also have access to the new ones.

They also decried the limited withdrawals at ATMs.
In a related development, in Osun State, the CBN assured Nigerians that it would address the issue of scarcity of new notes as to meet the people’s, yearning and aspirations.

Speaking during the sensitisation in some Osun communities at the weekend, the CBN Deputy Director, Dr. Adedeji Adetona opined that the management of the central bank would do everything to address all issues relating to the scarcity.

The communities visited during the sensitisation comprises of Ikirun, Ila-Orangun, Okuku, Ijabe, Oke-Ila, Iree, Oraigbomina, Iragbiji, Agbaa and Konta.
Other places visited for road show included Ibokun, Ijesha, Ere Ijesha, Erin Ijesha, Ijebu Ijesha, Ipetu Ijesha,Ikeji-Arakeji, Ijesha ,Ilesha
Adetona, also advised Nigerians to visit nearest banks in their communities to deposit all old denominations ranging from N200, N500, N1,000 notes.
He equally asked them to visit SANEF Agents to deposit the old notes in order to meet the deadline of February 10.

However, speaking with journalists, a resident, Mrs. Yetunde Adebiyi Ikirun said non availability of new notes might make it impossible to meet up with the deadline set by the CBN.
She explained that the commercial banks in the state have not made the new notes available to customers in the state.
Also speaking, Mrs. Awe Ruth in Ila-Orangun lamented that banks were not paying customers with the new notes.

In Delta State, a gubernatorial aspirant on the platform of People’s Democratic Party (PDP), Chief Sunny Onuesoke yesterday commended President Muhammadu Buhari for giving approval to the Governor of Central Bank of Nigeria (CBN) Godwin Emiefele for the extension of the deadline for the old currency swap.

He recalled that there had been pressure from many Nigerians and groups concerning the initial January 31, 2023 deadline for phasing out the old N200, N500 and N1000 banknotes.
Onuesoke said Nigerians could now heave a sigh of relief with Buhari’s approval of the extension of the deadline to February 10th, 2023.
Onuesoke disclosed that the window would enable Nigerians especially those in rural and remote areas to have more time to change their old notes and avert the panic that would have followed.

The PDP Chieftain however advised the CBN Governor, Godwin Emefiele to put strict measures in place in the commercial banks to avert a situation where some money bags would buy off the available new currency in bulk at the expense of the masses, thereby creating further scarcity as experienced recently.