HomeBusinessCBN engages Sokoto traders, banks on old naira notes deposits

CBN engages Sokoto traders, banks on old naira notes deposits


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Central Bank of Nigeria (CBN) on Tuesday in Sokoto engaged traders’ unions,  commercial banks and money agents on ensuring easy deposits of old naira notes across Sokoto state.

The News Agency of Nigeria (NAN) reports that the meeting was sequelled to long ques experienced by customers for deposits and withdrawal purposes at the banks.

Other reasons were the rejection of old naira notes by traders and widespread public complaints on non accessibility of new naira notes as the dateline of Jan. 31 draws nearer.

CBN Branch Controller in Sokoto, Mr Dahiru Usman, allayed the fears of traders, business communities, rural dwellers and others on losing their money on failure to deposit it at the designated banks.

Usman assured that measures to increase tellers at the commercial banks for ease collection of the old notes, as well as accessing the new naira notes had been ensured.

He said CBN had introduced different programmes in the rural and underserved areas of the country to boost the collection of the redesigned naira notes.

Usman added that the launch was informed by the need to maximise the channels through which the underserved and rural communities could exchange their naira notes.

According to him, all the activities were in partnership with Deposit Money Banks (DMBs) and with super agents before the old notes ceased to become legal tender.

” We received complaints that some traders and marketers have stopped transaction with old naira notes.

” Some even closed their shops and outlets for the reason of non collection of the old notes while the new ones are scarce,” he said.

Usman noted that traders, marketers and other citizens were also mobilized on using mobile money apps to enhance transactions in accordance with global practice.

The manager added that CBN had mandated DMBs to ensure the issuance of the new notes strictly through Automated Teller Machines.

He further stated that the mandate was to ensure that the distribution of the new currency notes was fair, transparent and evenly spread across the country.

Responding, the Secretary of Amalgamated Traders Union in Sokoto state, Alhaji Abubakar Altine, expressed satisfaction over the explanations offered by the CBN and promised to educate others in the society.

Altine said the union members were now comfortable with the policies and thier fears were adequately allayed for losing thier accumulated old notes  before the dateline.

He assured that traders would use the e-naira platforms with good understanding of the modalities in a peace meal, stressing, “it is part of the attitudes of Nigerians to delay accepting any policy.”


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