As it encouraged the traders to take their money to the commercial banks, the Central Bank of Nigeria brought the continuing sensitization on New Naira notes to Shasha Market in Akure North Local Government Area of Ondo State.
Up to January 31, 2023, there is no cap on the amount that a customer can deposit, the apex bank reaffirmed, adding that bank fees have been halted.
The revised currency had huge advantages for the Nigerian economy, according to Mrs. Elizabeth Fasoranti, director of branch operations.
According to Section 2 (b) of the CBN Act 2007, currency management is a crucial duty of the CBN.
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.