Nigeria: CBN Harps On Adoption of Digital Banking Channels, Moves Against Banks Loading Old Notes

With seven days to the January 31, 2023 deadline for the phasing out of the old N200, N500 and N1, 000 banknotes, the Central Bank of Nigeria (CBN) at the weekend reiterated the need for bank customers to embrace its cashless policy and the use of alternative banking channels.

The central bank also alleged that commercial banks that continued to load their Automated Teller Machines (ATMs) with the old currencies were frustrating its naira redesign project.

Some CBN officials who spoke in Port Harcourt during a sensitation and public awareness exercise, also warned commercial banks against hoarding the new currencies.

That was as bank customers in Rivers State lamented poor circulation of the new bank notes.

In Yobe State, the governor, Hon. Mai Mala Buni, appealed to the CBN to extend the January 31 deadline for the return of the old N200, N500 and N1, 000 banknotes, saying residents of the state should be given special concession.

Buni's request came few days after governors of the 36 states under the aegis of the Nigeria Governors' Forum (NGF), said they were not opposed to the naira redesign project of the CBN.

However, in continuation of its public awareness and sensitisation exercise ahead of the January 31 deadline, the central bank has solicited the support of the Emir of Bauchi, Alhaji Rilwanu Sulaiman Adamu, to help in sensitising his subjects to deposit monies in their custody in the banks before it became too late....Read more on allafrica.com

Source: AllAfrica.com