CBN gets Olubadan’s support on redesigned naira notes, insists on Jan. 31
The Central Bank of Nigeria (CBN) has received the support of the Olubadan of Ibadan land, Oba Lekan Balogun and Olubadan-in-Council on the advocacy of the newly designed naira notes in Ibadan.
Mrs Olufolake Ogundero, the CBN Ibadan Branch Controller, told newsmen after an advocacy visit to the Olubadan of Ibadaland, Oba Lekan Balogun on Saturday at his Alarere palace, in Ibadan.
The apex bank’s sensitisation train which took off from the popular Dugbe market on Thursday had visited major markets across the state and other important institutions.
It would be recalled that the CBN governor, Mr Godwin Emefiele, had announced the introduction of newly designed N200, N500 and N1000 notes with a directive that all old notes be out of circulation by Jan. 31.
Ogundero said that the CBN has disbursed enough of the newly redesigned naira notes to banks in the country.
She said that heavy sanction awaits any commercial bank that hoard or engage in any sharp practice on the newly introduced naira notes.
The branch controller said that the apex bank has made available sufficient liquid cash for the smooth running of the nation’s economy.
“The CBN as part of its statutory role has made available sufficient liquid cash for the smooth running of the nation’s economy.
“We have also disbursed adequate newly redesigned naira notes to all banks in Nigeria. They have no excuse not to pay customers or load it in their ATMs.
“We are tracking and monitoring these banks on compliance and commensurate sanctions awaits any bank or individual that is found engaging in any sharp practice,” she said.
Ogundero said that they were at the palace on the instruction of the CBN governor to sensitise the Olubadan-in- Council and seek their valuable support for the newly redesigned naira notes.
She reaffirmed that the Jan. 31 deadline for the legal tender of the old naira notes remained sacrosanct.
Ogundero encouraged Nigerians not to wait until rush hour to deposit their old notes, saying there would be no extension beyond Jan. 31.
“We have come here on the instruction of the CBN governor, Godwin Emefiele to sensitise the Olubadan-in-Council and seek their valuable support for the newly redesigned naira notes.
“We are also using this occasion to reaffirm that the January 31 deadline for the legal tender of the old naira notes remain sacrosanct.
“These new notes are available in the ATMs and there is no limit for the amount of deposit and no charge or charges for the deposit made by bank customers,” she said.
In his remark, the Olubadan said that some banks are still dispensing old naira notes in their ATMs, urging the CBN to ensure banks pay customers with new notes.
Oba Balogun, who spoke through the Otun Balogun of Ibadan, High Chief Tajudeen Ajibola, expressed readiness to sensitise and create more awareness on the part of Ibadan indigenes as well as residents.
And on Saturday CBN 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.
