The Central Bank of Nigeria (CBN) has initiated a sensitization campaign regarding its new naira notes at the Abubakar Mahmud Gumi Market in Kaduna State. During this campaign, the bank urged traders to deposit their old naira notes at commercial banks, emphasizing that there will be no extension of the January 31 deadline for the old notes to cease being legal tender in the country. Mohammed Abba, the CBN’s Director of Capacity Development, addressed journalists about the benefits of the new naira notes while engaging with traders at the Central Market Motor Park on Saturday. He encouraged traders to quickly exchange their old notes for the new ones.
Abba also warned that the CBN would impose sanctions on commercial banks that fail to dispense the new naira notes through their Automated Teller Machines (ATMs) or that hoard the new currency from customers. He stated, “Now, there is enough money,” and expressed hope that by Monday, all banks in Kaduna would stop dispensing old notes. Furthermore, he revealed that the CBN plans to reach out to rural communities through traditional rulers to raise awareness about the new naira notes and the impending deadline for the old notes.
The sensitization efforts will extend to churches, mosques, and motor parks to encourage the public to deposit their old naira notes before the deadline. Abba noted, “We are not just starting the sensitization exercise today. We have involved the National Orientation Agency and other media houses since the CBN governor, Godwin Emefiele, announced the redesign of the current notes.” He explained that the current efforts aim to consolidate previous initiatives by the National Orientation Agency and other organizations as the deadline approaches.
Abba firmly stated that there is no possibility of changing or extending the January 31 deadline. He emphasized the importance of monitoring banks to ensure compliance and prevent any misconduct regarding the new currency. “The idea of this exercise is for Nigerians,” he remarked, adding that the CBN has been actively checking commercial banks in Kaduna to ensure that money is available in ATMs. Any bank found violating the rules will face sanctions.
Earlier, Abdulrahman Mohammed, the Chairman of the Kaduna Market Development Association, expressed gratitude to the CBN for its efforts in educating market members about the new monetary policy. He encouraged his members to visit the nearest commercial banks to deposit their old naira notes for new ones before the deadline, noting that the CBN has suspended any associated charges.
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