Economy

THE Central Bank of Nigeria (CBN), on Saturday sensitised the business community in Jalingo on the new redesigned Naira notes and the need to deposit the old notes in commercial banks before  Jan. 31 deadline.

Malam Ibrahim Hassan, CBN Director of Financial System and  Strategy, during the sensitisation programme at Jalingo main market, said that the deadline to deposit  the old Naira notes in banks would not be extended.

Hassan told the business community, officials of commercial banks and Points of Sale operators, who gathered at the market that there was no limit to amount of money to be deposited by individuals at commercial banks,  with no charges attached.

“Godwin Emefiele, the CBN Governor has sent us to tell you that there will be no extension of the Jan. 31 deadline to deposit  old Naira notes in the banks.

“There is no limit to the amount of old notes to be deposited by individuals and organisations with no charges attached”, he said.

Hassan further explained that the  decision by the apex bank to redesign N1,000, N500 and N200  was not targeted at any group or persons.

“Data has shown that a large volume of old banknotes were stored at home by the public and that had led to shortage of clean and fit notes in circulation.

“The new series of Naira notes will check counterfeit, strengthen the economy, as well as reduce the expenditure on cash management,” he said.

According to him, the global standard period of redesigning currency of any country is five to eight years, adding that the Naira was long overdue for redesigning.

In his remarks, Malam Ahmed Mustapha, of the currency unit of the CBN, said that the new notes met all the required standards and should be accepted for transaction by all.

Mustapha also urged the public to patronise the e-Naira platform for a better economy of the country and for the good of all.(NAN)

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Tags: CBN Malam Ibrahim Hassan