New Naira Notes Will Be Available To All, CBN Assures Nigerians



By Bright Okpo, Yenegoa.

The Central Bank of Nigeria (CBN) on Wednesday assured Nigerians that the new naira notes will be available to all who have worked for their money, nationwide.

The Deputy Director of CBN, Dr. David Omoregie gave this assurance in an exclusive interview with the majestic blend station, 95.5 Royal FM (Bayelsa based radio station).

Omoregie who was deployed to Bayelsa to monitor the circulation of the redesigned naira notes with other top officials, said the apex bank has put in place the enabling technology and channels to ensure the seamless circulation of the new naira notes.

“There is a very strong assurance that the naira will be available to everybody in Nigeria, so long as you have worked for your money you will have access to your money anytime you need or require access to it through cash on ATM, counter, agency aid and finally through electronic means of transfer”.

“We must not forget that we are trying to move our practice of financial service management from much cash to less cash (cashless policy). So, there is very strong assurance because the cash is there and the technology that enables the channel”. He said.

When asked if the commercial banks and Point of sales (POS) agents are not sabotaging the efforts of the CBN as queue and struggle to get hold of the new naira notes persist across the country as the day passes by, he said the banks in Bayelsa have been corporative and the CBN is focused on banks that are working effectively to support the redesign policy.

“For now, I don’t have any report that the banks have not been cooperating, I am talking more of Bayelsa that is where my director, the director of governors department in the CBN and myself as a deputy director and a number of other staff have been deployed to ensure the smooth operation of the process as far as Bayelsa is concerned, all the banks are participating but we have chosen some key banks in terms of reaching out to the agency network. The CBN have reviewed the performance of all banks, the banks that are doing better or that are not measuring up we can drop them. We have dropped some banks because we are focused on banks that are working effectively to ensure the smooth implementation of the redesign policy”.

The CBN director also noted that the apex bank is closely monitoring the commercial banks and agents involved in the circulation of the redesigned notes, stressing that those found clogging the efforts of the CBN when cut will be dealt with decisively by law enforcement agencies like the Economic and Financial Crimes Commission (EFCC).

On circulation of the new notes in rural areas, Omoregie added that CBN have trained some agents and have charged them to be forthright to enable rural dwellers access inclusive financial services.

“We notice that most of the banks are in Yenagoa, so those in the rural areas don’t have access to physical banks but our agents are their contact with the financial services. So that is why we have trained those agents and have told them to be forthright in the process so that the money we are pumping out gets to the rural communities. I can assure everyone in Bayelsa state that there would be enough cash for everyone”.

The CBN deputy further added that the monetary policy of the country will not be business as usual, as the Apex bank is on the roadmap to a cashless society.

“It is not going to be business as usual where someone pays you a salary of ₦10 million or you carry out a job and you get paid, because you want to impress your girlfriend, you go and load the money in ten Ghana Must Go, that time is over. There will be limit to what you can collect as an individual and business. All of these are to help the monetary process and policy in Nigeria”.

Donate to Precision


Please enter your comment!
Please enter your name here