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New Naira: CBN takes sensitization to market

In furtherance of its sensitization on the redesigned naira notes, the Central Bank of Nigeria has visited the popular Wuse market in Abuja.

Addressing a cross-section of market leaders and traders, the CBN Branch Controller for the Federal Capital Territory, Onyeka Michael said the sensitization was to enlighten the people on the use of the new notes and dispel rumours and falsehood about it.

Mr Michael, who was represented by the Deputy Branch Controller, William Kareem said the new notes resulted from the fact that more than 80% of old ones in circulation was being hoarded, added to increasing cases of counterfeiting.

He assured his audience that the new notes have “improved security features”, and warned that rejection of the notes as legal tender was “an offence” under the law.

A representative of the Bank’s Department of Currency operations, Hauwa Ndayako told the traders that they had nothing to fear over the use of the newly designed notes as they have come to stay.

She reminded them that the old notes of 200, 500 and 1,000 naira would cease to be legal tender as from the 31st of January, 2023.

Hajya Ndayako said the apex bank had licensed a lot of agent banks who are spread across urban and rural areas and urged the people to use them as well as the regular deposit money banks to deposit the affected old naira notes.

The sensitization team which included some agent and commercial banks were on hand to answer questions from the traders and open accounts for those that required it.

Reporting by Biodun Dare; Editing by Abdullahi Lamino and Tony Okerafor