CBN sensitises marketers, guarantees availability of new notes  

CBN sensitises marketers, guarantees availability of new notes   

By Lydia Ngwakwe, Lagos.


The Central Bank of Nigeria (CBN) has assured marketers and traders that it has made the redesigned naira notes (N1000,N 500, N200) available for them via Automated Teller Machines (ATMs).

The Branch Controller of CBN, Lagos State, Mr Koyor Baribokola, gave the assurance when the apex bank took its sensitisation tour on the new naira notes to Balogun Market, Lagos, on Tuesday.


He said that the apex bank initially had a challenge, as people were not depositing the old notes, adding, however, that the situation had changed.


“We are having more 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.


“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.


“We set a date for the deadline for the complete change over, that is Jan. 31, and for now, that stands. We have not extended or changed the time.


“So, between now and the Jan. 31, all the old N1,000, N500 and N200 notes you have in your possession, bring it to the bank and then take new ones,” he said.


Baribokola encouraged stakeholders to be the mouthpiece of the CBN by spreading the message, while protecting and keeping the new notes safe.


“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,” he said.


The Head of Union Homes Success Market, Oloyeola Bisi Balogun, commended the CBN bank for choosing to begin its sensitisation with the traders.


She, however, urged the bank to carry out more awareness campaigns on the new notes, particularly at the grassroots.


According to her, there are many people who have yet to see the new notes.


“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.


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


Mr Amos Adamu, a dealer in suitcases, who saw the new notes for the first time, 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.”


Also, Mrs Rebecca Ukachi, a trader, said that although she disliked the new notes because they looked like fake notes, she would collect them whenever customers brought them to buy goods from her.


“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.


Recall that the redesigned notes – N1,000, N500 and N200 notes — came into use on Dec. 15, 2022.

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