CBN Allocates 30 Million Naira New Notes Daily To Every Bank Branch.

By Abubakar Baba Ahmad.

The Central Bank of Nigeria CBN has shifted the deadline on the use of the Old Naira notes by ten days following the review of happenings across the country.

The CBN Monitoring Committee Leader in Bauchi and Director Medical Services of the Bank Dr Abdulkadir Jibril made the disclosure on lya Ruwa, a Globe FM one hour live phone in programme on the ongoing redesigned naira notes sensitization campaign.

Dr Abdulkadir Jibril said following complaints and outcry by masses across the country, President Muhammadu Buhari and CBN management agreed to shift the deadline from 31 January to 10 February 2023.

“We just got a breaking news that the federal government has magnanimously increased about ten days, the exercise will continue up to the 10th day of February. However, we continue to urge and enjoin our citizens to please come out en mass and take their monies into their various bank accounts that they hold because inspites of the fact that this addition has been made, before you say ‘Jack’, those additional days would be over and you find yourself in the same situation again in all requesting for additional time,” he disclosed.

He urged Nigerians to use the period of extension to deposit their old currencies with banks to avoid financial lose.

“It’s just additional period for the citizens that are yet to take their money into the account to do that and then the downtrodden masses that have ten thousand or less is now left to our committee to continue reaching out to them in their localities taken out their old currency notes and exchanging it with the new notes,” Dr Jibril emphasizes.

According to the CBN Director, the apex bank allocates thirty million naira daily to each branch across the state, hence the need for them to ensure their ATMs are stocked with adequate cash for individuals to withdraw.

Another Guest to the programme and member of the Monitoring Committee, Ahmad Umar who expressed worry over the attitude of some POS operators charging customers exorbitant amount at the point of withdrawals, advised people to lodge any anomaly by commercial banks with the CBN for redress.

Ahmad Umar used the medium and appealed to Nigerians to embrace the cashless policy introduced by the apex Bank in reducing the excessive use physical cash and also ensure they deposit the old notes before the expiration of the new deadline.

Callers to the programme, Babangida Ganjuwa, Maman Abdul from Darazo, Yarima Lawal Balanshi, Fati Nahutan Darazo and Maman Musa Raypower junction who commended the federal government for shifting the deadline, urged the apex Bank to sanction banks or agents found violating any rule or directive.

Meanwhile the circular on extension also indicates that a seven days grace was approved to allow Nigerians to deposit their old naira notes with the apex Bank after the February tenth deadline.

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