The Central Bank of Nigeria, CBN, has again urged Akwa Ibom state residents to return old notes of N1000, N500, and N200 to banks before January 31, 2023, when they will be completely phased out of circulation.
Mr. Dominic Ekanemesang, the CBN’s Deputy Director, made the appeal on Sunday when he led other Apex bank officials to some churches in the city to educate them on the newly redesigned Naira notes and its cashless policy.
Speaking at Sacred Heart Catholic Parish, Aka Offot, Uyo, Ekanemesang advised the congregation to embrace its cashless policy because it has come to stay.
He reiterated the commitment and determination of the CBN to achieving a cashless economy, stressing that its cashless policy aims at reducing too much money in circulation in the country.
His words: “We are here to carry out sensitisation on the new currency redesign. I’m sure all of us here are aware that we have new notes of N1000, N500 and N200 and that after January 31, 2023 the old notes will cease to be legal tender.
” You are also aware that the three higher denominations are mostly used for illicit transactions such as, kidnapping, terrorism financing and money laundering. So we are not going to have the newly redesigned notes much in circulation because we are moving to a cashless economy.
“We want to ensure that we don’t have too much money in circulation. Please pass this message to your relatives, parents, sisters and brothers that the cashless policy has come to stay; we want to safeguard our financial system.
“Also we want to bring the citizens into the financial system, so if you don’t have a Bank account this is an opportunity for you to go and open a bank account and deposit the old notes into your account.
“Please this is an appeal. Central Bank of Nigeria will not want any bank customer to lose his or her money. So please return all the three higher denomination of the old Naira notes to the bank on or before January 31”
While responding to questions on the issue of commercial banks still dispensing the old Naira notes to customers, as well as scarcity of the New notes, the CBN director assured the parishioners that banks seen not dispensing the newly redesigned notes at their ATM points from this week would be sanctioned.
He however, appealed to the Church leaders to help in enlightening their members on the cashless policy.
Welcoming the delegation, the Parish Priest, Very Rev. Father Donatus Udoette, said the Parish actually started enlightening the Parishioners on the January 31 deadline since December 2022.
He commended the Apex bank for introducing the cashless policy expressing strong believe that it will impact positively on Nigeria’s economy.
The Dominion House of Grace Church was among the Churches the CBN officials sensitised on the New Naira notes and its cashless policy on Sunday.