TheNewsGuru

Tag: January 31st

  • Redesigned Notes: No extension of deposit deadline – CBN

    Redesigned Notes: No extension of deposit deadline – CBN

     

    The Central Bank of Nigeria (CBN) went to Jalingo main market on Saturday to enlighten traders and buyers on the importance of depositing their old Naira notes in banks on or before January 31, 2023 to avoid being useless in their hands from February 1st, 2023.

    The enlightenment of the market men/women was led by the Director of Financial System and Strategy of the bank, Malam Ibrahim Hassan, advising the marketers and traders that there would be no extension of any form once the deadlines lapses on the 31st of January,

    Stressing that the deadline for the deposition of the notes will not be extended, Hassan told the business community, officials of commercial banks and Points Of Sale (POS) operators, who were present in the market, that there was no limit to the amount of money to be deposited by individuals, adding that no charges are attached.

    He said the decision to redesign the notes was not targeted at any group of individuals.

    “Data has shown a large volume of old banknotes stored at homes by the public has led to a shortage of clean and fit notes,” he said, adding that the new notes will check the spread of counterfeit notes and strengthen the economy as well as reduce expenditure on cash management.

    He also said the naira was due for redesign as the global standard for redesigning is five to eight years.

    Aligning his weight to that of Hassan, Malam Ahmed Mustapha of the currency unit of the CBN told the people that the new notes met all the required standards and should be accepted for transactions by all.

  • CBN to clamp down on banks filling their ATMs with old notes

    CBN to clamp down on banks filling their ATMs with old notes

    The Central Bank of Nigeria, Director of the Legal Services Department, Mr. Kofo Salam-Alada, has said the agency will start clamping down on banks that still continue to fill their Automated Teller Machine (ATM)  with old naira notes very soon.

    Recall that CBN has pegged January 31st as the day the old naira notes will cease o exist.

    He said the CBN was already monitoring banks that were still dispensing old naira notes from their ATMs, saying the act must stop now.

    The director who represented the CBN Governor, Godwin Emefiele, spoke during a sensitization event on the new naira notes in Computer Village Market, in Lagos on Wednesday.

    He said, “I can tell you today that the CBN on daily basis issue out the new notes. As we speak, banks are with the CBN taking money. We are actually begging banks to come and take money from Central Bank. We have these new naira notes in our vaults and we are begging banks to come and take it.

    “We found out that a lot of things are happening that we need to checkmate, so we stopped withdrawal of new notes over the counter to ensure  that everyone can have access to it and not one chief who is known to the manager, walks in, and  carts away all the new notes in a particular branch. That is why we said it should be in the ATMs which cannot distinguish people.

    “We also have monitors going around banks now. I have been to some ATMs this morning and I have done the reports. We are not mobilizing the masses against the banks because the banks are there to serve you, but be rest assured that they will serve you now that they know that the CBN is on them to serve you with the new naira notes.”

    Reacting to questions from traders in the market that some people were selling the new notes, he said anyone caught selling the new notes or any denomination of the naira would be jailed.

    Speaking on the new notes, the President of the Coalition of Associations in Computer Village, Timi Davies, noted that the new naira notes are a good initiative.

    He said, “But unfortunately, the new notes are not well circulated within our market. The ATM machines are not dispensing the new notes and only a few privileged ones seem to be having access to the new notes.

    “We want to encourage the CBN and the government to enforce the deadline on the banks. There should be no bank that should not be giving the new naira from their ATMs. All ATMs should load the new notes. As we are giving the old notes, we should be able to get the new notes. If the ATMs are not dispensing, the new notes will not flow around.”

    The CBN has assured that there are more new notes that can circulate insisting that the January 31st, 2023  deadline  date is still very much intact, with no extension  in sight.