The Central Bank of Nigeria (CBN) has carried the continuing sensitization on new naira notes to Shasha Market in Akure North Local Government Area of Ondo State, advising merchants to deposit their funds in commercial banks.
The central bank emphasized that there is no limit to the amount of money a customer can deposit until January 31, 2023, and that bank charges have been halted.
Mrs Elizabeth Fasoranti, Director of Branch Operations Department, highlighted that the benefits of the redesigned currency to the Nigerian economy were immense.
She stated that currency management was a critical role of the CBN, as stated in Section 2 (b) of the CBN Act 2007.
She said, “The benefits of the currency redesign to the Nigerian economy are enormous. 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 would have much more accurate data on money supply and monetary aggregates.
“We believe that this exercise would help in increasing financial inclusion, moving towards a more cashless economy, and ensuring greater formalization of the Nigerian economy.
“The currency redesign would assist in the fight against corruption as the exercise would rein in the higher denomination used for corruption and the movement of such funds from the banking system could be tracked easily.”
In his remarks, the Seriki Hausa of the Shasha market, Ibrahim Dangari, appreciated the CBN team for deeming it fit to come and sensitize the market people.
He urged the traders to take their old notes to the bank as soon as possible and not wait till the old notes expire.
The Iyaloja of the Shasha market, Mrs Bosede Abidakun, noted that the sensitisation was timely, adding that it will enlighten the traders more on the redesigned notes.
She encouraged the trades not to reject the redesigned notes and take the old ones to the bank before the deadline.
