{"id":68912,"date":"2023-01-26T06:50:27","date_gmt":"2023-01-26T05:50:27","guid":{"rendered":"https:\/\/dailynews24.ng\/?p=68912"},"modified":"2023-01-26T06:50:33","modified_gmt":"2023-01-26T05:50:33","slug":"cbn-denies-scarcity-of-new-naira-notes","status":"publish","type":"post","link":"https:\/\/dailynews24.ng\/cbn-denies-scarcity-of-new-naira-notes\/","title":{"rendered":"CBN denies scarcity of new naira notes"},"content":{"rendered":"\n<p>The Central Bank of Nigeria (CBN) has denied scarcity of the new naira notes as alleged by some Nigerians<a href=\"http:\/\/Google.com\">.<\/a><\/p>\n\n\n\n<p>The CBN Governor, Godwin Emefiele, represented by Musa Jimoh, Director, Payment System Management Department of the bank, dismissed the allegation at a news conference on in Jos.<\/p>\n\n\n\n<p>\u201dThe CBN has massively supplied the new notes to commercial banks to dispense both at counters and ATMs.<\/p>\n\n\n\n<p>\u201dThis is to enable quick circulation and we want to advice commercial banks to desist from keeping the cash away from the public or face the stiffer sanction,\u201d he said<\/p>\n\n\n\n<p>Emefiele advised citizens to deposit their old notes at any commercial bank and acquire new ones with immediate effect, insisting that the Jan. 31 deadline remained sacrosanct.<\/p>\n\n\n\n<p>The CBN governor explained that the decision to redesign the currency shows that the apex bank is in tandem with global standard, adding that currency notes ought to be redesigned within five years.<\/p>\n\n\n\n<p>He, however, regretted that it took Nigeria nine years since such changes was last effected.<\/p>\n\n\n\n<p>Speaking during a \u2018monitoring and sensitisation\u2019 exercise held in some locations in Jos, the CBN governor said that the decision to redesign the country\u2019s higher denominations of currency was a national project aimed at addressing problems related to cash circulation.<\/p>\n\n\n\n<p>He added that it would also solve the challenge of prolonged savings in piggy banks, cash hoarding and incidences of fake currencies.<\/p>\n\n\n\n<p>\u201cThe Monitoring and Sensitisation project was activated by the apex bank for investigation of the attitude of banks toward the spread of the new currencies.<\/p>\n\n\n\n<p>\u201dWe are equally using it to create awareness on the use of agents to circulate the cash in communities with few or no bank branches available,\u201d he said.<\/p>\n\n\n\n<p>He advised that faulty currencies be returned to banks for replacements and cautioned people entertaining the thought that the CBN might extend the deadline to desist as they could face losses<a href=\"http:\/\/Dailynews24.ng\">.<\/a> (NAN)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nigeria (CBN) has denied scarcity of the new naira notes as alleged by some Nigerians. The CBN Governor, Godwin Emefiele, represented by Musa Jimoh, Director, Payment System Management Department of the bank, dismissed the allegation at a news conference on in Jos. \u201dThe CBN has massively supplied the new notes to [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":66791,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5877],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.6 (Yoast SEO v22.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CBN denies scarcity of new naira notes<\/title>\n<meta name=\"description\" content=\"The Central Bank of Nigeria (CBN) has denied scarcity of the new naira notes as alleged by some Nigerians.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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