There’s no Shortage of New Notes, CBN Says as Traders’ Sensitisation Begin

The Central Bank of Nigeria (CBN) has said that there is enough new naira notes in circulation for the public to change their old naira notes with.

This was disclosed at a one-day awareness programme at Gombe International Market as the Bank aims at sensitising Gombe traders on the importance of accepting the new currency notes, with focus on explaining its basic security features.

Speaking at the event,  the Senior Manager, Currency Operations Department of the CBN Gombe branch, Shamsudeen Imam, disclosed that the currency change was a good step with lots of benefits to the economy as he emphasised on the basic security features for the new naira notes

“Some counterfeiters find it difficult to counterfeit some features. The issue of colour; if you are carrying an original currency if you use handkerchief the colour will come out; it means that currency is original but if it is fake if you put handkerchief, the colour will not come out. The watermark is basic another basic security feature.”

“The transmission mechanism, we use money supplied to transmit our monetary policy. The CIC is a component of monetary policy so definitely our monetary policy mechanism will be very effective. It will improve our financial inclusion drive, as it will push a lot of people to open account because we can’t carry cash to a bank and carry cash. You need to open an account and as a result, more people will come into the financial system,” he added.

The Gombe Branch Controller of CBN, Shehu Goringo furher noted that the new currency can not be counterfeited.

“We encourage the banks to issue out the new currencies. It is fully fortified with security features and I don’t think it can be faked and there is enough notes to go round.”

In similar vein, traders at the Balogun market, Lagos were also sensitised on the security features of the new currency.

The CBN Lagos Branch Controller, Godfrey Koyor assured the traders that enough new naira notes is in circulation and the apex have directed commercial banks to ensure ATMs all over the country dispense the new notes.

“We are giving everyone the assurance that the new naira notes are available and available to everyone. We are distributing through the banking system. And as the transaction takes place, you are going to be having the new ones.

We have supplied the banks and we have given them a directive to make the notes available to the customer through the payment channels, which is the ATM.”

At both events, the CBN reiterated that the deadline date for the exchange of old naira notes to new naira notes remains January 31, 2023.