CBN Sensitise Nigerians On New Naira Notes, Dispense Old Notes.







By Mike Aladenika.



Amid a bundle of contradictions, the Nigeria Apex Bank, the Central Bank of Nigeria (CBN) Benin city Office, on Thursday took the campaign on the availability and admissibility of the new naira notes to Edo markets where it urged the people to replace their old notes with the new ones, told them also 
to accept the new notes for payment for goods and services while warning that there is no plan to shift the January 31st deadline for the old ones to be out of circulation.

   Speaking at a sensitisation workshop at the popular Oba Market in Benin City, the Assistant Director and Acting Branch Controller, Benin Branch of the CBN, Michael Mgbeze said the CBN has sufficiently provided the new notes to banks assuring that from this weekend, all ATMs would no longer dispense the old notes.


  He urged the people to adopt other alternatives of transacting business like the e-naira and others saying “We want people to be aware of the new notes aS we are also introducing the e-naira and we are doing onboarding for those that are not yet in the digital currency. 

The essence of the exercise is for people to use other channels of transaction like internet banking, banking app, USSD, and Pos. there are always many alternative channels for payment but because we are used to naira, we want to use cash at all times. The message is that people should try and shift their base and use alternative channels for business transactions”

Ironically though, while the CBN sensitization project at the market was to formally introduce the new Naira notes to the market women, and encourage them to accept it as the nation's legal tender in exchange for goods and services, the apex body dispensed old Naira Note as mobilization for logistics.

This action however was contradictory to the gospel of new naira notes as the market women who saw the transactions, expressed a lack of confidence in the new Naira notes if CBN officials are still dispensing old notes.

Another issue was the moral justification of the CBN's possible sanction for any commercial bank hoarding the new notes or dispensing the old. Some Nigerians say the further issuance of old notes into the market is a landmark departure from what the CBN preaches on the New Naira notes.
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