Why We Pushed More New Notes Into Circulation, Economy – CBN

The Central Bank of Nigeria (CBN) has explained that it has pushed more new naira notes into circulation and the nation’s economy because more deposits of the old notes had been deposited into banks.

To this end, the apex bank urged Nigerians to ensure that they return the old notes in their possession to their respective banks, adding that the more old notes banks generate, the increase in the quantum of the redesigned notes that would be available for members of the public.

This came as bank customers had complained of unavailability of the new naira notes at most Automated Teller Machines (ATMs) across the country, Investors King understands.

But, speaking at the CBN’s sensitisation tour on the new naira notes at Balogun Market, Lagos, the Branch Controller, CBN, Lagos State, Koyor Baribokola, assured marketers and traders that it has made the redesigned naira notes (N1000, N500, and N200) available for them through ATMs.

Baribokola disclosed that the rate of deposit of the old naira notes by bank customers has improved significantly, adding that the apex bank initially had a challenge because people were not depositing the old notes.

While saying that the situation whereby people refuse to take the old notes to the bank had changed, the CBN controller noted that increase in deposit of Old notes boosted the bank’s confidence in ensuring that more new notes are made available.

Addressing traders at the market, he said, “we (CBN) are having many deposits now; this gives us the confidence to push more new notes into circulation and into the economy. We are making them available to you and you will have them if you haven’t had them before. Please have the assurance that you are going to have them.

“We pushed out a lot last week and now we are continuing with it, part of the meeting was what delayed my coming out here. We set a date for the deadline for the complete change over that is January 31, and for now, that stands. We have not extended or changed the time.”

Baribokola called on Nigerians to ensure they deposit the old notes before the January 31, 2023 deadline, and urged stakeholders in the banking sector to improve sensitisation on deposit of old naira notes and why people should handle the redesigned notes neatly.

He said, “please have the assurance that the new naira notes were redesigned in the interest of all Nigerians including you so that you have them and you enjoy spending them and keep them safe, and as much as possible, try and also do electronic transactions.

“We encourage people to use our e-channels to do transfers, to spend, to buy and to do all that you need to do to share with your friends and your families,” he noted.