New currency: No extension on  January 31 deadline for the notes’ submission-CBN

Central Bank of Nigeria (CBN) says that banks would work on Saturdays to receive old Naira notes from customers as there would not be  extension on  January 31 deadline for now submission.

 Leader of the CBN team to Ebonyi State on new Naira notes, Kama Ukpai, disclosed this on Friday during enlightenment campaign on traders at the Eke Market, Afikpo.

He advised the public to visit banks to deposit old naira notes as there would be no extension on the January 31 deadline for the notes’ submission.

“Banks would work on Saturdays for this purpose and there are no limits to amounts that can be deposited.

“The CBN team is in Ebonyi to ensure the implementation of the directives as we have not directed any bank to stop collecting old notes,” he said.

He advised the public to report any bank still dispensing old notes through its Automated Teller Machines (ATM) to the CBN for sanctions.

“We visited 14 banks in Abakaliki and 13 were dispensing the new notes through their ATM.

“We have communicated  the bank that is still dispensing the old notes and wish to inform the public that there is no shortage of the new notes,” he said.

Ukpai advised the public to use available electronic channels for their monetary transactions as the CBN was increasing its enlightenment on their applications.

The CBN Abakaliki Branch Controller,Daniel Ogbogu, said that dispensing of the new naira notes through various bank ATM had been successful.

“Since the beginning of this week for example, we have been working assiduously to ensure the dispensing of the notes.

“We have adopted spot checks on various ATM to ensure compliance by banks,” he said.

He noted that reports indicated that 95 per cent of banks were complying and those not doing so had been warned on the issue.

  The National Orientation Agency (NOA) Coordinator in Ebonyi State,Desmond Onwo,said that the agency had been enlightening the populace on the new naira notes and alternative ways of transactions.

Represented by NOA Chief Orientation Officer in Afikpo, Chinyere Okogwu, said the agency had carried out campaigns about the notes in communities even before the arrival of the CBN team.

Chairman, Afikpo Market Amalgamated Traders Association, Johnson Inya-Oka, thanked the CBN for the enlightenment but called for extension of the deadline for the old notes deposits.

“Most of the traders have not even seen the new notes as more time was needed for people to know about the notes,” he said.

The traders, among other segments of the public, were taught how to differentiate the new notes from the fake and usage of electronic transaction channels.

Meanwhile, the CBN has advised market traders and business operators in Kwara State to embrace use of Point of Sale (POS) machines for transaction to beat the old Naira notes submission deadline rush.

The CBN, Ilorin Branch Controller,  Najim Lamidi, gave the advice at the Day Two of the sensitisation programme on redesigned Naira notes of N1,000, N500 and N200 among traders in Ilorin on Friday.

He said that doing such would encourage cash management and reduce security risks of holding physical cash in business transactions.

The CBN boss also advised the traders to discourage their customers from paying for goods with cash, saying that they should spread the message among their colleagues.

He cautioned the traders to note that some of their customers may want to dump old Naira notes with them after expiration of the January 31 deadline.

Lamidi said that the apex bank would not extend deadline on the redesigned notes beyond January 31,  and urged the traders and other members of the public to take their old Naira notes to banks or POS agents.

The CBN boss explained that the rationale for the redesign of Naira notes was that data had shown a large volume of banknote hoarding by the public, which led to a shortage of clean and fit banknotes.

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