New Naira note redesign not targeted at anybody –CBN

1 week ago

From Stanley Uzoaru, Owerri

The Central Bank of Nigeria (CBN) has explained that the new naira note redesign wasnot targeted at anybody or group, maintaining that it was a normal routine in line with global best practice of redesigning currency notes every five to eight years.

Branch Controller of the bank in Owerri, Mrs Oruwari Boma, gave the explanation at the weekend during the sensitisation of the redesign notes at the Relief Market, Owerri.

She said “When we issue new notes, Nigerians use them to buy goods and services. As notes change hands,they become dirty and, torn, mutilated and soiled. It’s the duty of the Central Bank to remove the damaged notes and replace them with new ones. “As the time goes on, more serious and challenges may arise necessitating the bank to change and replace the old notes entirely. The decision of the CBN to redesign three  denominations of the naira is not targeted at anybody or group”.

However, while insisting on the January, 31 deadline for the phase out of the old notes, Boma reminded bank customers that there are no charges on deposits even as she encouraged members of the public to explore other payment channels such as eNaira, electronic transfer and POS. 

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