The fact that The Central Bank of Nigeria(CBN) oversaw a change to Nigeria’s currency or naira notes is no longer news.

The new naira notes were to be distributed nationwide before the old notes’ deadline, which had already been made public. According to the apex bank, the old notes would no longer be accepted as legal money starting on January 31, 2023.

Some people have expressed worry and encouraged the CBN to extend the deadline to ensure the complete phase-out of the N1000, N500, and N200, but the CBN has maintained its position.

Mr. Giwa Ademola, the acting branch controller for the CBN’s Ondo state branch, spoke to both market men and women about the new notes at the Oja Oba market in Akure.

He stated:

“The benefits of the currency redesign to the Nigerian economy are enormous given that this policy will help to control inflation, as the exercise will bring the hoarded currency into the banking system, thereby making monetary policy more effective.

It will also help with better design and implementation of monetary policy as we will have much more accurate data on money supply and monetary aggregates.

Statistics show that N2.72 trillion out of the $3.26 trillion currency in circulation as of June 2022 was outside the vaults of commercial banks across the country and supposedly held by members of the public. This statistic shows that 84.71 percent of the currency in circulation is outside the vaults of commercial banks, with only 15.29 percent in the central bank and commercial banks’ vaults.

We believe that this exercise will help in increasing financial inclusion, moving towards a more cashless economy, and ensuring greater formalisation of the Nigerian economy.

The currency redesign will assist in the fight against corruption as the exercise will rein in the higher denomination used for corruption, and the movement of such funds from the banking system can be tracked easily.”

The program was organized to inform the market people of the importance of depositing their old notes to the bank before the deadline, according to the acting CBN branch controller for Ondo state.

He also informed them that there are no restrictions on depositing old notes until the deadline.

Mr. Ademola further advised Nigerians to explore other payment options for their economic transactions, including USSD, the Point of Sale, eNaira, electronic transfer, etc.

Nigerians are preparing themselves to accept the new notes. Some people have already begun to circulate the new notes, while others are still hesitant to accept them.

However, Nigerians expect the new notes to do what the CBN has promised and end inflation and corruption.

But will it?

Like Our Story ? Donate to Support Us, Click Here

You want to share a story with us? Do you want to advertise with us? Do you need publicity/live coverage for product, service, or event? Contact us on WhatsApp +16477721660 or email Adebaconnector@gmail.com