New Notes: CBN Step up Traders’ Education as January 31 Draws Near

In its bid to ensure that Nigerians embrace the newly designed notes, the Central Bank of Nigeria (CBN) has heightened its sensitisation programme of traders across the country.

As proclaimed several times by the Apex bank, the old naira notes will cease to be legal tender of the country by January 31, 2023.

The recent sensitisation programme saw traders at the Computer Village in Lagos and Oja Oba Market, Akure, Ondo State, get enlightened about the security details used on the new naira notes and that they should ensure to change their old notes before the deadline dates.

Representing the CBN at both events were Acting Branch Controller in Ondo State, Mr Giwa Ademola and Director of the Legal Services Department, Mr. Kofo Salam-Alada who assured that the new naira notes will be distributed to every part of the country before the January 31, 2023 deadline.

They both assured the traders that “The benefits of the currency redesign to the Nigerian economy are enormous given that, this policy will help to control inflation as the exercise will bring the hoarded currency into the banking system, thereby making monetary policy more effective.

“It will also help with better design and implementation of monetary policy as we would have much more accurate data on money supply and monetary aggregates.”

Investors King had earlier reported CBN’s sensitisation programmes for traders at the Balogun Market, Lagos and Gombe International market, Gombe.

Although, stakeholders include the Senate have asked the CBN to extend its deadline for the phasing out of the old N1,000, N500 and N200 notes from January 31 to June 30, 2023, the Apex Bank has several times communicated through its official channels that the deadline date stands.

On the banks’ part, majority of them have communicated extension of work hours to 6pm and including Saturdays to ensure that Nigerians have a stress less time changing their old notes to the new ones.