Update on New Naira Note: CBN takes sensitisation to palace, markets in Nasarawa

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*Sensitises Taraba residents

The Central Bank of Nigeria (CBN), on Saturday took its sensitisation on the redesigned Naira notes to the Lafia Modern market and the palace of the Emir of Lafia in Nasarawa State.

The apex bank’s team led by the Director, Security Services, Alh. Atiku Muhammed-Nasir, said the visit to the palace was to pay homage to the Emir and for him help encourage his subjects to embrace the new banknotes.

Muhammed-Nasir explained that the redesigning of the N200, N500 and N1,000 denominations was meant to address insecurity, inflation, counterfeiting among other benefits.

He said that the Jan. 31 deadline given for the old notes to cease as legal tender remain sacrosanct and urged all citizens to deposit the old notes in commercial banks before the deadline.

The director, therefore, appealed to the Emir to help enlighten his subject on the need to embrace the policy in their best interest.

Responding, Retired Justice Sidi Bage, the Emir of Lafia, thanked CBN for the visit and lauded the initiative of redesigning banknotes and encouraging electronic banking.

The royal father expressed delight with the development geared towards putting the nation at par with developed nations in terms of payment system and financial transactions.

Bage, who is the Chairman, Nasarawa State Traditional Council of Chiefs, promised to call for a meeting of the council to enable the  CBN to come and enlighten them on the policy for onward passage to the various communities.

At the Lafia Modern market, the CBN director advised the traders to deposits their old Naira notes in the banks in order to avoid losing them as they would become useless after Jan. 31.

He encouraged those without bank accounts to open one and also embrace other payment platforms aside cash, saying it would ease their transactions.

The director said that the CBN was working out modalities to engage super agents with a view to address issues around currency change for those with little amounts.

On his part, Shehu Yakubu, CBN Lafia Branch Controller, said the new banks notes were available in all commercial banks for customers to access through the Automated Teller Machines (ATM).

Yakubu urged the traders to report any bank dispensing old notes to the CBN for appropriate sanction.

Dr Buba Umar, General Manager of the Lafia Modern market, thanked the CBN for the sensitisation visit to the market.

He assured that the traders associations would cooperate with the bank by ensuring that all members were properly educated on the need to accept the new notes and embrace the new banking policy.


The Central Bank of Nigeria (CBN), on Saturday 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.

In his remarks, Malam Ahmed Mustapha, of the currency unit of the CBN, said that the new notes met all the required standards and should be accepted for transaction by all.

Mustapha also urged the public to patronise the e-Naira platform for a better economy of the country and for the good of all.