CBN Enlightens Imo Traders On New Naira Notes

CBN Enlightens Imo Traders On New Naira Notes

By Onyeañuna Onyedikachi, Owerri

The Central Bank of Nigeria (CBN) has started the sensitisation of the features of the new Naira to citizens in Imo State with focus on traders at the popular Relief market and other rural markets in Owerri municipal city

Traders turned out in their large numbers to learn about the features of the new Naira notes, which was introduced in the country last month.

Speaking during the sensitisation on the new notes to traders at the World Bank Market in Owerri, the branch Controller of CBN in the State, Mrs. Oyoburuoma Boma, encouraged the traders to imbibe the new policy of the bank insisting it would be beneficial to them, especially in their cashless transactions.

Boma also encouraged the point of sales (POS) agents to start making their transactions in accordance with the cashless policy adding that it will help reduce theft in the business world.

According to her, “when you go cashless, it will help prevent armed robbers that often attack you and steal your money, there is everything to benefit from the CBN policy”.

She also used the opportunity to educate the traders on how to recognise the new currency notes, and warned residents, market women and leaders not to pay charges while depositing the old naira notes to their respective commercial banks in Imo state.

According to her, Section 17 of the CBN Act 2007 gives the CBN the sole right to issue naira notes and coins.

However, the CBN urged the citizens to make use of alternative methods of deposit of the old naira notes through the POS, Electronic transfer, USSD, and Internet Banking among others. It also insisted that the deadline remains 31st of January, 2023 for the deposit of the old naira notes.According to the CBN, “As we are all aware, Central Bank is allowed by law to issue and manage the Nigerian Legal tender currency, popularly known as the Naira.

Section 17 of the CBN Act 2007 gives the CBN the sole right to issue naira notes and coins. When we issue new notes, Nigerians use them to buy goods and services. As the notes change hands, they become dirty, torn, mutilated and soiled. As provided by law the Central Bank must remove the damaged notes and replace them with new ones.


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CBNMrs. Oyoburuoma BomaNew Naira Notes

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