CBN enlightens traders in Adamawa on new bank notes

The Central Bank of Nigeria (CBN) has commenced sensitization of traders, marketers and the general public on the acceptability of the redesigned currency notes.

Mrs Lydia Ifeanyi, the bank Director of Internal Audit who addressed participants at the Yola central market on Thursday, called on Nigerians to accept the redesigned bank notes as a legal tender.

Ifeanyi said the aim of redesigning the N1,000,500 and the N200 notes was to check corruption, enhance national security and control inflation.

According to her, other reasons for redesigning the notes were to promote financial inclusion by accessing other financially driven benefits as well as implement cashless policy.

Ifeanyi urged Nigerians to hasten in taking their old notes of the denomination to banks before the deadline of Jan. 31, stressing that the earlier, the easier.

Earlier in his remarks,the CBN Controller in charge of Yola branch, Mr Sanusi Nyashi said the programme was simultaneously taking place in Mubi and Gaye Local Government Areas.

Nyashi called on the general public to accept the new notes as part of the Federal Government efforts to revamp the economy and promote financial stability.

“We have supplied huge amount of the new notes to commercial banks and any bank that refused to supply it to customers either in their Automated Teller Machines or on the counter would be sanctioned,” he said.

Alhaji Musa Yaro,the chairman of the Jimeta central market called on the bank to supply sufficient new naira denominations to commercial banks for easy withdrawal by customers.

Yaro appealed to the bank to increase the volume of the lower denominations of N50 and N100 as traders were finding it difficult to transact little businesses.

It was reported that the CBN representatives also answered many questions from the audience during question time.