Afrigather 
The Central Financial institution of Nigeria (CBN) has warned business banks to not reject outdated Naira notes deposited with them earlier than the January 31, 2023 deadline.
The apex financial institution additionally urged merchants and residents in Kano state to report any monetary establishment that refuses to simply accept the outdated notes earlier than the top of the deadline.
CBN’s Deputy Director, Monetary Coverage and Regulatory Division, Muhammad Hamisu Musa, disclosed this in Kano on Thursday, when the financial institution took its sensitisation to merchants on the 4 important markets of Galadima Street, Sabon Gari, Singer and Kofar Wambai markets in Kano metropolis.
In line with him, “The essence of this sensitisation is to create consciousness to merchants and different folks to take their outdated Naira notes to banks earlier than the set dateline.
Additionally Learn: Naira: New Notes to be Distributed Before Deadline – CBN
“These new notes are made of upper high quality than the outdated ones and I wish to guarantee you that CBN has printed sufficient notes to cater for residents’ demand.
“To guarantee that there may be sufficient cash in circulation, the apex financial institution has additionally requested business banks to cease counter cost within the financial institution, folks must be paid solely in ATMs. Whosoever desires money ought to go to ATMs to withdraw,” he added.
The Director additionally urged merchants to watch out as miscreants have already began printing pretend notes, whereas urging folks to report any financial institution that refuses to simply accept the outdated notes to them.
“For those who take your outdated notes to any financial institution it refuses to simply accept them earlier than the expiration of the deadline, report them to us,” Musa added.
He additionally defined that to ease the problem of depositing cash within the banks, CBN has requested banks to be working in weekends and waived deposit expenses.
Additionally talking through the sensitisation, the Chairman, Galadima Street Market Merchants Affiliation, Alhaji Mustapha Shu’aibu complained that some business banks have already set deadline earlier than that of the CBN to cease accepting the outdated notes.
“We would like you to warn a few of these financial institution managers, as a result of it’s like they’ve a sinister intention on our merchants. There are additionally rural dweller who shouldn’t have banks of their areas, so we’re pleading with the financial institution to think about extending the deadline. Let additionally there be plan for folks even with out financial institution accounts might take their monies to financial institution,” the Chairman added.
Equally, the consultant of the Sabon Gari Market Chairma, Alhaji Sakeh Umar Kura, lamented that many individuals will undergo if the January 31 deadline will not be prolonged.
He additionally stated banks nonetheless give out the outdated notes, much less that two weeks to the expiration of the deadline, whereas urging CBN to make extra of the brand new notes in circulation.
