New Notes: CBN Urges Nigerians To Transact More On eNaira, Other Payment Channels

New Notes: CBN Urges Nigerians To Transact More On eNaira, Other Payment Channels

By Mariam Sanni

The Central Bank of Nigeria, CBN, has urged Nigerians to to explore other payment channels, such as eNaira, POS, electronic transfer, USSD, internet banking, and mobile money operators.

This appealed was made by the CBN Abuja Controller, Michael Ogbu who was represented by Kareem Williams at the sensitization of Wuse Market traders, in Abuja on the new Naira notes.

During the sensitization, he said that the three redesigned denominations of N1,000 , N500 and N200 banknotes which were unveiled on November 23, 2022, by President Muhammadu Buhari will help to control inflation as the exercise will bring the hoarded currency into the banking system, thereby making monetary policy more effective.

According to him, it will also help with better design and implementation of Monetary Policy as we would have much more accurate data on money supply and monetary aggregates;

“ 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 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.

“We encourage the public to explore other payment channels, such as eNaira, POS, electronic transfer, USSD, internet banking, and mobile money operators,”he noted.

The Branch Controller enjoined members of the public to ensure that they deposit cash holdings in these denominations at their commercial banks.

Ogbu reiterated that 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 charged Nigerians to accept, use and respect the new Naira notes, as it is a National symbol.


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