Deposit Old notes to avoid losing money, CBN warns Traders, Rural Dwellers in Bauchi.

By Abubakar Baba Ahmad.

The Central Bank of Nigeria CBN has charged people especially traders and rural dwellers to deposit the old Naira notes before 31 January deadline to avoid losing their money.

The Acting Branch Controller CBN Bauchi Suleiman Laido gave the charge during a sensitisation campaign at Wunti Market in Bauchi metropolis.

Suleiman Laido said the old naira notes of two hundred, five hundred and one thousand would sieze to be legal tenders from the thirty first of January, hence the need for them to deposit the old notes at banks and other designated channels.

He noted that the bank has enhanced the security features of the new naira notes and as well met production quality in line with international standard.

“We want to make it loud and clear that the old 200 naira, old 500 and old 1000 naira notes would sieze to be legal tender in Nigeria, so we are calling on marketers those who are in the habit of putting their money inside their shops should please endeavour to hasten to banks and make sure they deposit all these monies there,” he explains.

The Acting Branch Controller disclosed that the redesign followed the lack of circulation of the currencies, with over two trillion out of three trillion naira outside the banking system, a situation he described as dangerous to the survival of the country’s economy.

According to him, the new notes are durable and qualitative with security features to include unique serial number, CBN inscription on the thread, portrait on the right side of the currency when tilted towards light, all of which are near impossible to counterfeit.

“These new naira notes have more quality, the securities have been improved, they’re very beautiful if you look at them, they are durable and there is no room for extension even one second, thirty first of January 2023 is the final day for the usage of 200, 500 and 1000 old notes,” Laido insists.

On his part, the State Director National Orientation Agency NOA Alhaji Nuru Kobi said the policy of naira redesign and cashless policy will help address the issue of insecurity especially ransom demand by kidnappers as well as large scale corruption by public officials.

“So we are now in the market area to talk to traders and other market people because they are very essential and most of them have a lot of money in stock especially their daily sales, to encourage them to quickly take their money to the bank on daily basis especially the old naira notes not to wait untill its too late because towards the end is going to be s rushing issue especially in the banks,” Kobi enlightens.

The exercise is part of Central Bank of Nigeria CBN public awareness campaign aimed at ensuring people deposit their old naira notes before the deadline of 31 January, 2023.

Please follow and like us:

Leave a Reply

Your email address will not be published. Required fields are marked *