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New Naira Notes: CBN sensitises traditional rulers, markets

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The Central Bank of Nigeria (CBN) on Thursday took its sensitisation campaign on the redesigned Naira notes to traditional rulers and markets in Ilorin.

The News Agency of Nigeria (NAN) reports that the campaign started from the resident of the Balogun Fulani of Ilorin, Alhaji Abubakar Sidiq Atiku, before proceeding to the Palace of the Emir of Ilorin, Alhaji Ibrahim Sulu Gambari, in the Kwara capital.

The campaign train later moved to Oja-Oba, Baboko, Obbo road and Yoruba road markets to sensitise market women and traders on the need to take the old Naira notes to the bank before the expiration of the Jan. 31, 2023, deadline.

The Ilorin Branch Controller of CBN, Mr Najimu Lamidi, said it was a world practice to change currency every five to eight years and to tackle counterfeiting of the currency.
Lamidi said the CBN also detected that about 85 per cent of the currency were not in bank vaults, so there was need to know how much money we have in circulation.

He told the market women not to reject the new notes of N200, N500 and N1000 as legal tender.
He said security features have been included so that the fake notes could easily be identified.

”The essence of this exercise is for many people in Kwara to know about the new notes so that they can use and accept it.

”Those that have the old currency should take it to the bank to avoid rush, because the deadline won’t be extended.

”People in the rural areas are encouraged to go to their nearest local government to deposit the money,” the branch controller advised.

Lamidi however explained that only the ATMs dispense the new notes now because withdrawal over the counter is of the old notes.

”We also told the banks to calibrate their ATMs so that they can dispense lower denomination of N200 for it to also be in wide circulation,” said the CBN official.
Responding, the Emir of Ilorin charged the CBN not to be distracted by rumours on the social media.

Alhaji Sulu Gambari told the officials not to rest on their oars as fraudsters had wide knowledge on how they can produce counterfeits.

“Do not rest on your oars as they will device several means to produce fake.
”Make it a point of duty to always change the notes as at when due and not wait for a long time as it is with the money that has just been changed.

”It shouldn’t take too long again,” he counselled. (NAN)

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