April 16, 2024

Deadline for return of old Naira notes, sacrosanct–CBN

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By: Abubakar S. H

The Central Bank of Nigeria (CBN) , urged Nigerians not to wait till January 31, to turn in old notes for new re-designed currency.

The CBN insists that the January 31, deadline for old notes to cease from circulation being legal tender is sacrosanct.

CBN urged market traders, business operators and Nigerians to embrace various cashless channel outlets to return old currency notes in their possession, and make use of the same cashless transaction as preference for cash transactions.

The Managing Director, NIRSAL Microfinance Bank, Dr. Abdullahi Abubakar Kure, stated this yesterday in Abuja while addressing traders at Garki Modern Market in continuation of CBN’s sensitisation of Nigerians on new naira notes and cashless policy.

“You all observed this sensitisation exercise by the CBN has been ongoing. It’s a two leg exercise. “One of them is to tell you to return your old notes in your custody for new re-designed currency between now and January 31. At the expiration of the deadline, your old notes are useless.

“The second leg of the exercise is to enlighten us on cashless policy. “Endeavour to use all the cashless transaction points such as POS, internet enabled banking, USSD for your transactions. “We have enough stock of new notes and we have asked banks to come and pick and load them into their ATM”, Dr. Kure admonished Garki market traders.

The engagement was part of CBN’s on-going effort to sensitise Nigerians on new currency notes.

Kure led his team on spot-checks on banks to ascertain the level of compliance of DMBs with CBN’s directive to dispense newly redesigned banknotes via ATMs.

He said CBN will check through its record to ascertain the quantity of new notes given to banks found to be dispensing old notes via ATM.

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