As part of its efforts to guarantee that the new notes are accessible in the state, the Central Bank of Nigeria (CBN) has distributed N120 million of the new currency to four commercial banks for distribution to Katsina State residents through registered agents.
The CBN’s Director of Currency Operations, Mr. Ahmed Bello-Umar, revealed this to journalists during a briefing on Saturday in Katsina and stated that the agents are expected to collect N500,000 from the banks each week for distribution to their communities.
In Katsina, there are agents working for roughly four banks, and we gave more than N120 million of the new currency to each of them for distribution to those agents, he added.
And the agents are required to obtain N500,000 from the banks each week to distribute in their localities. We are aware that some areas lack banks, making it challenging for residents to deposit their old cash and obtain the newly formatted bills.
In addition to that, he added, the central bank of the country has carried out further cash swap programs in the state’s local government districts of Daura, Kurfi, Mani, and Mashi to guarantee that residents have received the new money and have their old notes collected.
“There have been appeals by persons for the extension of the exercise, but as of today (Saturday), there are no new directives on the extension,” he said, dispelling the rumor that the CBN has extended the January 31 deadline.
The CBN’s director of currency operations urged bank employees, particularly those in charge of Point of Sale (PoS) devices, not to overcharge clients lest they incur repercussions from the bank.
Due to the prohibition against cashing checks at a counter, Bello-Umar revealed that they have started a surveillance exercise that includes examining ATMs to make sure the money is loaded for users to withdraw.
He stated, “We think that using the ATM would allow them to have access to the money. Additionally, there is a log on the ATM, which allows us to monitor the amount of disbursement that is being made there. This can provide information on how many people are making withdrawals as well as which account they can be made from.
“We worked with the National Orientation Agency (NOA) to provide training and explain the purpose of the exercise so they could assist us in enlightening the populace in all corners of the nation.
People have been reporting that they deposited N1 million but cannot take N100,000, therefore there appears to be a misunderstanding. Absolutely, it’s not a money exchange activity.
Despite Pressure, CBN Vows To End Circulation Of Old Notes Jan 31
The deadline for obsolete naira notes, which was set by January 31, cannot be extended, according to the Central Bank of Nigeria (CBN).
The shortage of new naira notes has put pressure on the apex bank to change the deadline.
The Arewa Consultative Forum (ACF) had earlier on Saturday joined those requesting a postponement of the deadline for the expiration and collecting of old naira notes.
According to the statement, the general public is suffering greatly as a result of people’s hesitation to accept old naira notes in business transactions out of concern that they may not be able to deposit them in commercial banks.
Similar appeals have also been made in other parts of the nation.
The Arewa Consultative Forum (ACF), Kano State Chapter, said in a statement released by Mallam Bello Galadanci, Publicity Secretary, on Saturday that the Federal Government’s January 31 deadline has all but stopped socioeconomic operations in the state.
However, CBN reiterated that the deadline was final in a tweet on Saturday night.
The tweet included a video of CBN governor Godwin Emefiele explaining the bank’s position on old notes at the most recent Monetary Policy Committee (MPC) meeting. It stated that the deadline for returning old series 200, 500, and 1000 naira notes remains January 31 2023.
Emefiele says in the clip, ”
“The rationale is that 100 days is more than enough time for anyone who has the old currency to deposit it in the banks, just like the president has mentioned more than twice and even to some people in private. Additionally, we made sure that all banks were open to accept deposits and are currently doing so.
President Muhammadu Buhari had earlier stated that CBN was organizing the release of the new notes in order to prevent anarchy.
“Unfortunately, I’m sorry to disappoint people who think we should move the deadline.