CBN Urges Bauchi Residents To Deposit Their Old Naira Notes Of 200, 500, 1,000 Before January 31, 2023

Ajiya Ayuba

The Central Bank of Nigeria, (CBN) has urged the Bauchi State, residents, to make sure that they deposit cash holdings in these denominations of 200, 500, and 1000 old Naira notes at the commercial banks before January 31, 2023.

The acting Controller of the Bauchi Branch CBN Mr. Sulaiman Laido, said this during the sensitization at Wunti market Bauchi on Thursday said January 31, 2023, remains the deadline for old notes to remain in circulation.

He explained that CBN had redesigned, produced, and circulated a new series of N200, N500, and N1,000 notes. Saying that the three notes represent the highest denomination of Nigeria’s eight legal tenders.

“If you don’t have a bank account try and open one for your savings, don’t be stuck with money in your house or shop. If you don’t, take it to banks before Jan.31 it will cease to be legal tender.

“The current series of N200, N500, and N1,000 notes would remain legal tender until the deadline of January 31, 2023.

“We advise the public to ensure they deposited all the old N200, N500 and N1,000 banknotes in their possession before the deadline of January 31, 2023.” he said.

The acting controller who led the team, along with officials of commercial banks operating in Bauchi assured the traders that they would not be charged any fee irrespective of the amount they deposited in the banks.

He explained that the benefits of the currency redesign to the Nigerian economy were enormous, adding that  the policy would help to control inflation and bring the hoarded currency into the banking system.

“It would also help with better design and implementation of monetary policy as the country would have much more accurate data on money supply and monetary aggregate.

“We believe that this exercise would help in increasing financial inclusion, moving towards a more cashless economy and ensuring greater formalization of the Nigerian economy.

“The currency redesign would  also assist in the fight against corruption as the exercise would rein in the higher denomination used for corruption, and the movement of such funds from the banking system could be tracked easily,” he said.

According to him, the larger percent of currency in circulation are outside the vaults of commercial banks, with small percent in the Central Bank and  commercial banks’ vaults.

“There is no limit to how much a customer can deposit between now and January 31, 2023 as the CBN has suspended bank charges”. He said.

The acting Controller urged traders’ payment centers such as eNaira, POS, electronic transfer, internet banking, and mobile money operators and agents among others for their economic activities.

In his part, the Director of the National Orientation Agency, NOA,in the state Alhaji Nura Kobi urged the public to endeavor to adhere to the policy to save their business and the economy of the country.

He said the agency has the responsibility of taking the messages of the new redesign naira notes policy across the 20 local government areas of the state.

“The Agency would take messages to traditional rulers of communities, markets and churches to sensitize,”Kobi said.