The CBN governor explained that the decision to redesign the naira shows that the apex bank is in tandem with global standards, adding that currency notes ought to be redesigned within five years.
By Jeffrey Agbo
Contrary to public opinion, the Central Bank of Nigeria (CBN) says the redesigned naira notes are not scarce.
At a news conference in Jos, Plateau State capital on Wednesday, CBN Governor, Godwin Emefiele, represented by CBN Director, Payment System Management Department, Musa Jimoh, said the claims that the new notes were scarce are false.
“The CBN has massively supplied the new notes to commercial banks to dispense both at counters and ATMs.
“This is to enable quick circulation and we want to advice commercial banks to desist from keeping the cash away from the public or face the stiffer sanction,” he said.
Emefiele advised the public to deposit their old notes at any commercial bank and acquire new ones with immediate effect, insisting that the January 31 deadline remained sacrosanct.
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The CBN governor explained that the decision to redesign the naira shows that the apex bank is in tandem with global standards, adding that currency notes ought to be redesigned within five years.
He, however, regretted that it took Nigeria nine years since such changes were last effected.
Speaking during a ‘monitoring and sensitisation’ exercise held in some locations in Jos, the CBN governor said that the decision to redesign the country’s higher denominations of currency was a national project aimed at addressing problems related to cash circulation.
He added that it would also solve the challenge of prolonged savings in piggy banks, cash hoarding and incidences of fake currencies.
“The monitoring and sensitisation project was activated by the apex bank for investigation of the attitude of banks toward the spread of the new currencies.
”We are equally using it to create awareness on the use of agents to circulate the cash in communities with few or no bank branches available,” he explained.
Emefiele cautioned those entertaining the thought that the CBN might extend the deadline to desist as they could face losses.
