*CBN to fine commercial banks not paying out new naira notes
*New Naira notes flood banks, ATMs in Bauchi
* CBN advises traders to embrace use of POS to beat deadline
*Banks to work on Saturdays for old notes collection
The Central Bank of Nigeria (CBN) has advised the residents of Plateau, especially farmers and traders, to exchange their old naira notes for new ones before Jan. 31.
CBN Deputy Director, Human Resources Department Brenda Dawurang gave the advice on Friday in Mangu Main Market, Mangu Local Government Area of the state where she led CBN delegation on a sensitisation campaign.
Dawurang said that the nation’s apex bank organised the sensitisation programme to enlighten the public to the comply with deadline set by CBN to phase out the old notes.
“As we are all aware, last year, President Muhammadu Buhari launched the new re-designed naira denominations which are N1000, N500 and N200 notes.
“We have observed that quite a number of people are not aware that after Jan. 31, the old naira notes will no longer be in use or accepted.
“That is why we are here on behalf of the CBN governor to sensitise the public to the need to change the old naira notes for new ones as the deadline is fast approaching” she said.
Dawurang assured the public that arrangements had been made for the public to deposit the old notes in their bank accounts.
“We have enough new naira notes for the use of the public and commercial banks have all been told to load their ATM machines with the new notes.
“As at today, I can categorically tell you that all ATM machines visited were dispensing the new naira notes.
“For those in the rural areas, that do not have any bank account, they should also take their money to the POS operators, and exchange it with the new naira notes.
“We have gone round yesterday and we observed that the banks are complying by putting only the new note in their ATM machines for the use of the public”.
She advised the public to report to the CBN any bank ATM machine, dispensing the old naira notes for sanctioning.
“Therefore, if you find any bank that is still dispensing the old naira notes, please bring that to the attention of the Central Bank of Nigeria and that bank will be sanctioned accordingly”, she added.
The Chairman of Mangu Main Market, Mr Sunday Dayong, thanked the organisers for bringing the awareness to their door step.
Dayong promised to take the sensitisation to the people in the rural communities for compliance.
“We will ensure that we take this sensitisation further to the traders, most especially the people in the rural areas, to change all their old naira notes to new ones on or before the deadline”, he said.
INTENSIFIES AWARENESS
The Central Bank of Nigeria (CBN) has intensified it’s sensitisation and awareness campaigns on the redesigned new Naira notes in Warri.
A CBN team on Friday visited the palace of the Olu of Warri, Ogiame Atuwatse 111 who was unavailable, and some major markets in the metropolis.
Mr Sunny Daibo, the team leader of the apex bank and representative of the CBN Governor, Godwin Emefiele, was received by the chiefs at the palace of the Olu of Warri.
Daibo, who is also the Deputy Director of Finance of the spex bank, noted
that traditional institutions remained critical component in the sensitisation drive.
Daibo said the traditional institutions were closer to the rural dwellers, adding that they could be used to educate the people on the Naira redesign programme.
Daibo said that their deployment to Warri was to carry out advocacy on the redesigned currency and ensure
compliance in the disbursement of the new currency to the public.
The team leader disclosed that the advocacy was being carried out simultaneously in all the senatorial zones across the country.
He, however, solicited for the support and the cooperation of the royal institutions in Delta towards ensuring the success of the policy.
Daibo urged the palace to help reach the people, especially those in the creeks, to remind them that the old notes being withdrawn from circulation would cease to be legal tender after Jan. 31.
He also promised to relay the various issues raised concerning the redesigned Naira notes and people’s complaints to the CBN headquarters.
Responding, the traditional chiefs, led by Chief Yaya Pesu, thanked the Federal Government for redesigning the Naira and also the CBN for embarking on an advocacy drive.
The chiefs, one after the other, picked issues on the modalities the apex bank had adopted since its conception of the idea to its execution.
They said that they were still being inundated with old Naira notes across the counters in commercial banks.
The chiefs lamented the unavailability of the new notes in commercial banks and ATM outlets in the Warri metropolis.
They, however, wondered if the Jan. 31 deadline for the circulation of the old notes would be feasible.
On his part, the Oluaye of Warri kingdom, Chief Eugene Ikomi urged the CBN to review the Jan. 31 deadline upwards, noting that “till now, so many people have not seen the new Naira notes in Warri and environs.
Also, Chief Brown Mene, the Ogwa-Olusan of Warri kingdom, urged the apex bank to activate it’s inspectorate unit to ensure that the commercial banks adhered to it’s directives.
“There is a need for the CBN to sit up and do something about the refusal of the commercial banks to comply with it’s directives,” Mene said.
The CBN team later moved to the popular Igbudu Market to sensitise traders to the redesigned notes and assured them of the availability of the new currency.
The News Agency of Nigeria (NAN) reports that the five-man team had on Thursday, visited the Main Market in Warri South to kick-start the awareness drive.
TO FINE COMMERCIAL BANKS
Central Bank of Nigeria (CBN), on Friday, said that any commercial bank that failed to pay the new naira notes to customers would be fined N1 million per money box on daily basis.
CBN Governor, Mr Godwin Emefiele, made this known at a sensitisation organised for market women operating at Ayegbaju International Market, Osogbo, on the new naira notes, eNaira and other related matters.
Emefiele, represented by a CBN Deputy Director, Mr Adeleke Adelokun, said that the apex bank had printed enough naira notes, but observed that commercial banks were not collecting them.
“As at today, CBN has printed enough new naira notes of N200, N500 and N1,000.
“But, what we discovered was that most of the banks that are supposed to collect the new notes have not collected them. So we have put a sanction on the banks.
“Any bank that fails to collect the new notes from CBN will pay N1 million as sanction per box per day and the amount they are to pay now will depend on the number of days they have not collected the notes,” he said.
Emefiele said that the CBN team from Abuja, which had been in Osun since Wednesday, had been going round commercial banks in the state, meeting with their officials to ensure that they were paying out the new naira notes to customers.
He said that the team was at Ayegbaju market to sensitise the market women on the newly-redesigned naira notes and eNaira App as well as how they can subscribe to eNaira for their business transactions.
“We are here to educate you (the market women) on the new Naira notes and the need for you to turn in/deposit your old naira notes on or before Jan. 31 when the notes will cease to be a legal tender,” he said.
In her own remarks, the CBN Branch Controller in Osun, Mrs Madojemu Daphne, said that currency management had faced several challenges, hence the need for the redesign of the naira notes.
“Statistics shows significant hoarding of bank notes by members of the public, with N2.72 trillion out of the N3.26 trillion currency in circulation, as of June 2022, being outside the vaults of commercial banks and supposedly held by members of the public,” she said.
Daphine, who was represented by Mrs Adebayo Omosolape, said that the old N200, N500 and N1,000 notes would cease to be legal tender by Jan. 31.
CBN Information Clients Officer in Osun, Mrs Oluwatobi Rosiji, explained to the market women how to download the eNaira App and operate on their android phones.
ENLIGHTENS TRADERS IN ADAMAWA
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.
SENSITIZES PHONE DEALERS
The Central Bank of Nigeria (CBN) on Thursday sensitised members of Phone and Allied Products Dealers Association of Nigeria (PAPDAN) and other trade unions at the Computer Village, Ikeja, on Naira notes redesign and withdrawal limits.
The Director of Legal Department of CBN, Mr Kofo Salam-Alade, said that the aim was to adequately educate the traders on the developments.
He said that the redesign became necessary because many Naira notes in circulation were not in CBN or commercial banks.
He said that such practice was not healthy for Nigeria’s economy.
Salam-Alade encouraged Nigerians to return old N1000, N500 and N200 notes early to avoid last-minute rush.
On withdrawal limits, he said that all withdrawals were being tracked.
‘’All account are BVN-linked; if you withdraw from Account A and Bank B, your data is feeding into a particular database.
‘When CBN needs to ask questions, it will ask.
‘’Remember that CBN is not saying you cannot withdraw any amount of money but there will be charges for withdrawal above limits, and the person will fill certain forms,’’ he said.
He said that one would be called to answer questions on withdrawals above limits.
The President of PAPDAN, Mr Ifeanyi Akubue, said that the association appreciated the reason for the Naira notes redesign.
Akubue, however, said that the redesigned Naira notes had been scarce.
He urged the CBN not to hesitate to sanction commercial banks not dispensing the new notes.
NEW NAIRA NOTES FLOOD BANKS, ATMS
The Central Bank of Nigeria (CBN) has begun monitoring Commercial Banks and their Automated Teller Machines (ATMs) in Bauchi, to ensure the dispensation of new Naira notes to customers in the state.
The News Agency of Nigeria (NAN) reports that CBN Officials monitored all the banks in Bauchi metropolis to ensure that the ATMs dispensed new redesigned notes to customers.
Dr Abdulkadir Jibrin, Director, Medical Services of the CBN, who led officials of the apex bank to monitor the money deposit banks and ATMs in Bauchi Metropolis, said new Naira notes had now flooded the banks.
He said the monitoring of operations, especially the ATMs, was to ensure they dispensed only the new notes.
“We monitored all the banks and ATMs in the state and ensured that they dispensed the new notes
“This is in line with CBN efforts to ensure that the new notes go round and reach the citizens,” he said.
According to him, “the reason we are here in Bauchi is to go round bank branches and ensure that the banks are dispensing the new naira notes.
“To ensure that the banks are pushing out the new notes across the ATMs as that is the only democratic way you can serve the currency to Nigerians.
“So far, all machines are dispensing new notes of different denominations. It is very impressive, we hope this continues,
He said that they met with traders and cattle dealers to sensitise them to the redesigned notes as well as the deadline for the use of the old notes.
He called on citizens to adhere to the instructions given and ensure they took their old notes to the banks ahead of the January 31st deadline so they wouldn’t lose the money.
Jibrin explained that the decision of the CBN to redesign the three highest Naira denominations of N1000, N500, and N200 was in the interest of the Nigerian economy.
He advised members of the public and the traders to accept the old notes, which were still valid till Jan. 31.
The Director said the aim was to boost the cashless policy and reduce the amount of cash outside the banking system.
TASKS DELTA TRADITIONAL RULER
The Central Bank (CBN) on Friday appealed to the Asagba of Asaba, Prof. Chike Edozien and the Asagba in Council to help educate the people on the redesigned naira notes.
Mr Samuel Okojere, the Director, Banking Services Department, CBN, who led other officials to the Asagba’s palace in Asaba, said that Nigerians must accept the redesigned naira notes as legal tender.
Okojere said that the redesigning of N200, N500 and N1000, was aimed at checking corruption as well as security challenges facing the country.
”Almost 85 per cent of currency released by CBN are in the hands of private individuals.
”The essence of the introduction of the new redesigned naira notes, is to enable the money come back to the banking sector, ” he said.
Okojere appealed to the Royal Father to help educate his subjects and community on the need to change their old notes to the redesigned notes before the Jan. 31 deadline.
”We are here for the sensitisation of the entire community on the new redesigned naira notes, so that we can make them understand that it is a legal tender.
”The reason why we are doing this sensitisation is for the people to go and change their old naira notes at the bank before Jan. 31.
”The current old N200, N500 and N1000 notes will cease to be legal tender with effect from Feb.1 the new redesigned naira notes will replace them,” he said.
Okojere also said that Nigerians must key into the cashless policy of the apex bank.
Mr Godwin Okafor, the CBN Delta Controller, said that the same sensitisation programme was being carried out in other parts of the state.
“We visited some markets yesterday and today some of officials are in Agbor and Warri to also sensitise the people and traditional rulers,” he added.
Responding, the Asagba of Asaba, who commended the the CBN for the effort, urged the apex bank to monitor commercial banks for total compliance of dispensing the redesigned naira notes.
”A lot has been said about the redesigned naira notes in the last few months, but correct information is vital,” he said.
He advised the CBN not to hesitate to sanction banks who were found to be hoarding the redesigned naira notes.
TRADERS TO EMBRACE USE OF POS TO BEAT DEADLINE
The Central Bank of Nigeria (CBN) has advised market traders and business operators in Kwara 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, Mr 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.
Lamidi further cautioned the traders to note that some of their customers may want to dump old Naira notes with them after expiration of the Jan. 31 deadline.
He said that the apex bank would not extend deadline on the redesigned notes beyond Jan. 31, 2023, 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.
The Iyaloja of Mandate market, Alhaja Funmilayo Baba-Kobi, promised to spread the message among members in the markets.
The News Agency of Nigeria (NAN) reports that the sensitisation programme was attended by market leaders and traders from Sawmill, Mandate, Awodi, Lasoju, Ipata and Eyenkorin markets.
The CBN team also took the sensitisation campaign to members of the Christian Association of Nigeria (CAN) and Federation of Muslim Women Association (FOMWAN) in Ilorin.
BANKS TO WORK ON SATURDAYS
The Centra Bank of Nigeria (CBN) says that banks would work on Saturdays to receive the old Naira notes from customers.
Mr Kama Ukpai, Leader of the CBN team to Ebonyi on new Naira notes, disclosed this on Friday during its enlightenment campaign on traders at the Eke Market, Afikpo.
Ukpai advised the public to visit banks to deposit old naira notes as there would be no extension on the Jan. 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 different 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.
Mr Daniel Ogbogu, the CBN Abakaliki Branch Controller, 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.
Mr Desmond Onwo, the National Orientation Agency (NOA) Coordinator in Ebonyi, said that the agency had been enlightening the populace on the new naira notes and alternative ways of transactions.
Onwo, represented by Mrs Chinyere Okogwu, NOA Chief Orientation Officer in Afikpo, said it had carried out campaigns about the notes in communities even before the arrival of the CBN team.
Mr Johnson Inya-Oka, Chairman, Afikpo Market Amalgamated Traders Association, 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 News Agency of Nigeria (NAN) reports that 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.
