In furtherance of the effective implementation of the naira redesign policy, the Gombe State branch of the Central Bank of Nigeria announced that it had received and distributed an additional supply of the new naira notes to banks, warning against corrupt practices in the state.
The announcement was made during a press briefing by Philip Yila, the CBN Director of Development Finance, who was represented by Deputy Director Aliyu Ashiru. The meeting, attended by the heads of all commercial banks in the state, focused on the distribution and utilisation strategy for the new notes. It also provided an opportunity for the Economic and Financial Crimes Commission (EFCC) and CBN officials to caution commercial banks against unwholesome practices.
Yila explained that the meeting aimed to smooth out rough edges in the currency redesign policy. “Over time, we have held meetings with them where we drew up strategies on how to drive the project,” he said. He noted that changes have been made to the implementation guidelines, including the introduction of an over‑the‑counter (OTC) facility of N20,000. The meeting clarified the processes involved and outlined the expected cash‑handling ratio: 40 % for agents, 30 % over the counter, and 30 % for ATM machines.
Regarding security partnerships, Yila affirmed that the EFCC and other security organisations are collaborating with the CBN to ensure the project’s success. He highlighted three broad objectives: sensitising the public about the project, emphasizing the deadline (previously set for 31 January), and engaging traditional and religious leaders, as well as market participants, to encourage the exchange of old notes for new ones. “We are happy, and I’m sure if you go to the villages you will see a lot of new notes with them,” he concluded.
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