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CBN pledges to protect Nigerians in rural areas

The Central Bank of Nigeria, CBN says it is pleased with the response of the banking public to its currency redesign policy.

In a statement, the apex bank’ Director of Corporate Communications’, Osita Nwanisobi says the policy has resulted in significant currency deposits in banks and other financial institutions.

“The CBN remains committed to the seamless implementation of the initiative to ensure the achievement of its objectives to preserve the integrity of the local legal tender by reducing the significant amount of cash outside the banking system and its use in criminal activities, curtail counterfeiting, and promote financial inclusion, amongst others,”.

“Whilst noting the progressive increase in financial access points and alternative banking channels over the years (electronic/internet banking, mobile apps, ATM, Cards/PoS, eNaira, agent banking, etc.), the Bank acknowledges that these may not be evenly distributed across all geopolitical zones and in some rural areas.” the statement reads.

It however urges the banking public in rural and other under-served areas to visit the CBN branches in their locality to enquire about other alternatives means of depositing their cash.

The statement says agent locations have increased across the country for BVN enrollment and opening of accounts and electronic wallets to serve the rural populace.

It adds that the Apex bank shall continue to monitor the situation and issue appropriate updates regarding the implementation of the Naira redesign policy.

The CBN Governor, Godwin Emefiele had on October 26 said the apex bank would redesign the N200, N500, and N1,000 notes which will take effect from the 15th of December 2022.

Writing by Biodun Dare; Editing Oluwaseyi Ajibade and Annable Nwachukwu