Friday, January 27, 2023

New Notes Available In Sufficient Quantity – CBN

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The Central Bank of Nigeria (CBN) has dismissed speculations over the inadequacy of the newly redesigned naira notes in the banks, saying there is sufficient quantity in circulation.

Godwin Emefiele

The Ekiti State CBN branch Controller, Mr Abiola Omotosho made this known during sensitisation on the new notes to traders at the Oja Oba Market, Ado-Ekiti, the Ekiti State capital.

Omotosho stated that speculations that the commercial banks did not have enough new notes for circulation was false and lack content of validity, noting that there was no shortage of the new naira notes as being claimed.

READ ALSO: Why New Naira Notes Leave Ink When Rubbed On White Surfaces – MINT

He added that the banks have an adequate supply of the required quota of the new naira notes at the moment and adequate plans have been made by the apex bank to heighten circulation of the new notes.

“The new redesigned currency notes are available to everyone. We have sufficient quantity in the banks. I can assure you that the new notes will circulate before the deadline.

“We have called the banks yesterday that they should come with their incidence of withdrawal. We are doing that presently in the office and that is why many of us were not here.

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“I can assure everyone that the new notes will circulate. So, as transactions take place, you are going to be having the new ones and as people are giving out the old notes, they’ll be receiving the new notes”.

READ ALSO: Old Naira Notes: Senate Seeks Extension Of CBN Deadline To June 30th, 2023

The CBN Deputy Director, Mr. Oluwole Owoeye explained that the motive of the sensitisation was to enlighten the public about the newly redesigned naira notes and how to identify the original ones.

He reminded the traders that the old naira notes being withdrawn from circulation would cease to be legal tender after January 31, urging them to deposit those in their possession before the deadline.


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Photo Credit: Getty

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