CBN urges Traditional Rulers to Sensitise Subjects on New Naira Notes

By Ebere Obike

The Central Bank of Nigeria, CBN, has appealed to traditional rulers to convey the message on the newly redesigned notes to their people particularly, in the rural areas.

Deputy Director, Governor’s Department CBN , Mr Moses Adebayo Ademosu, made the appeal when he led the apex bank’s sensitization team on the new naira notes to the Palace of the Oloja of Epe Land and Olu Epe of Epe Kingdom, in Lagos.

Mr Ademosu informed the Obas about the apex bank’s withdrawal policy and the newly redesigned notes.

He said that the old naira denominations of N1000, N500 and N200 would cease to be legal tender by Tuesday next week.

“What we are here to do is to solicit your support to help us inform your people that they should take their old notes (N1,000, N500 and N200) to the banks because as from Jan. 31, they will not be acceptable anywhere”.

“They should take it to the bank or find a way to send it via the Point of Sale machines (POS) or any other electronic channels that they can use to carry out their banking services,” he said.

The Oloja of Epe Land, His Royal Majesty, Oba Kamorudeen Ishola Animashaun, who urged the Apex bank to ensure availability of the new notes, promised to be the mouthpiece of the apex bank.

“The best thing is for the CBN to assist the banks and compel them to make sure that the new notes are available for the people”

If the banks do not dispense the new notes now to the people, it will cause another problem which we do not want, and at the same time, we have to be very careful because it is time for élection.
So, that is my appeal to the CBN governor and its team; we appreciate you, we honour you, we agree with you, we will try to tell our people.

“We will tell the town crier to go round the community to make sure he alerts the people and make sure they agree and comply with the government position, ” he said.

The Olu Epe of Epe Kingdom, Oba Sefiu Olatunji Adewale, appealed to the Apex bank to extend the Jan. 31 deadline to give the people enough time to take their old notes to the bank.
“Your interest should not just be about changing the denominations but it should be done in a way I that people will take disadvantaged”. He said.

“Your interest should not just be about changing the denominations but it should be done in a way I that people will take disadvantaged”. He said.

The Abex bank’s sensitisation team also visited Oluwo Modern Fish Market to educate the traders on the new notes and the expiry date for the old notes.

Deputy Director, Other Finncial Insitutions supervision department, CBN, Mrs Monsurat Vincent, advised the fish traders to go and deposit their old 200, 500 and 1000 naira notes in the bank as the deadline is sacrosanct.

“The message has been the same, January 31st remains the deadline for the newly redesigned naira notes. Pls bring out your old 1000, 500 and 200 Naira notes”. Mrs Vincent said

The Apex bank team however, distributed flyers to the traders.

They also gave samples of the new notes to the Iya Oloja of Oluwo Modern Fish Market.

The CBN monitoring team later visited some banks in the community to check if they were dispensing the new notes.

Out of five banks visited, only one bank dispensed the new notes.

Officials of the banks where the new naira notes were not being dispensed through the Automated Teller Machines blamed the problem on logistics.

The team also visited Mile 12 Market, Ojuwoye market in Mushin and Tejuosho market.

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