CBN Insists Jan. 31st Deadline For New Notes Implementation Stands

As it takes sensitization to traders in Makoko, Lagos

The Central of Nigeria, CBN, has concluded arrangement to send banks officials to some markets in Lagos metropolis in order to assist traders who not have bank accounts to open one.

CBN’s Deputy Director, Banking Services Department, Mrs Josephine Ajala, made this known at the continuation of sensitization of Lagos traders about the redesigned 200, #500 and #1000 at Ashejere Market Makoko in Yaba.

When the CBN officials visited Ashejere Market Makoko in Yaba, some of the traders complained that they did not have a bank accounts while also inquiring how they could changed their old Naira notes.

Responding, Mrs Ajala, assured them that some commercial banks officials would be sent to open accounts for them.

Mrs Ajala, pointed out that the Apex bank ideally wants to reduce the amount of cash that Nigerians use, hence the need for cashless economy.

“If you go to countries like Some African countries, they don’t have a lot of cash. Most of them they’re very techie. But they are digital in little things as in like 200 or 200 naira.

“They go digital so we’re putting in a lot of efforts to get everybody on board. As the new arise now cashless as his way, though, it’s going to be gradual, but that’s the focus”.

She explained that the aim of the sensitization was to let Lagos traders know that 31st January remained sacrosanct and they should deposit their old naira notes into the banks before then.

Mrs Ajala, who noted that most Automated Teller Machines, ATMs, in Lagos were dispensing only the new Naira notes, said the Apex bank was putting lots of efforts to ensure this.

The CBN’s Deputy Director, Banking Services Department, stressed that the banks have been instructed that all the denominations that were given must be put in all the ATMs to enable it reached the grassroots.

The Assistant Iya Oloja of Ashejere Market
Makoko, Mrs Memud Iyabo Ajoke, who spoke through an interpreter, stated that the market leaders have advised the traders to stop collecting the old naira notes as from Saturday, 28th of this month.

Some of traders who were dancing and singing with the CBN officials described the sensitization as a welcomed development.

Makoko is an informal settlement beside the 3rd Mainland Bridge.

Its residents are popularly known for fishing

The CBN officials also took the sensitization to Sabo market in Yaba.

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