New naira notes: CBN sensitises Kano traders, guarantees availability

The Central Bank of Nigeria (CBN) has assured marketers and traders that it has made the redesigned naira notes (1000, 500, 200) available via Automated Teller Machines (ATMs).

The Branch Controller, CBN, Kano State, Umar Ibrahim-Biu, gave the assurance when the apex bank took its sensitisation on the new naira notes to Galadima, Sabon Gari, Wapa, Kwari and Kofar-Wanbai Markets in Kano on Thursday.

He urged the traders to embrace the new naira notes by visiting their banks to exchange the old notes.

Biu said the redesign of the naira notes was aimed at addressing corruption, inflation as well as boosting the nation’s economy.

The branch controller stressed that the old naira notes were still valid till Jan. 31, saying that the apex bank had issued the new naira notes to banks and financial agents to ensure adequate circulation.

“We set a date for the deadline for the complete change over that is Jan. 31, and for now, that stands. We have not extended the time.

“So, between now and Jan. 31, all the old 1,000, 500 and 200 notes you have in your possession, bring them to the bank and then take new ones,” Biu said.

He encouraged stakeholders to be the apex bank’s mouthpiece by spreading the message, protect and keep the new notes safe.

The State Director, National Orientation Agency (NOA) Kano office, Alhaji Salisu Kutama, charged traders to desist from rejecting the old naira notes before the Jan. 31 deadline.

He cautioned business owners to avoid exchanging their old naira notes from unverified financial institutions as fraudsters had started printing fake notes to swindle unsuspecting Nigerians.

“Kano residents should complement government’s efforts by accepting the new naira notes to improve the economy,” Kutama said.

In their separate remarks, the chairmen of the markets identified inadequate circulation of new notes as a major hindrance to business activities.

They noted that traders in the rural areas did not possess bank accounts to deposit their cash, while others received goods from major marketers on credit and presented cash for payment.

“Commercial banks have given us a deadline of Jan. 22 as the last day for collection of old naira notes,” they explained.

They urged the bank to carry out more awareness campaigns on the new notes, particularly at the grassroots.

The chairmen appealed to the federal government and relevant stakeholders, to consider the plight of business owners and extend the deadline to achieve the desired objectives.

It was reported that the redesigned notes – 1,000, 500 and 200 notes came into use on Dec. 15, 2022.