Report Banks that Reject Old Notes, CBN tells Kano Traders …. Insists no Extension on Jan 31 deadline

Report Banks that Reject Old Notes, CBN tells Kano Traders …. Insists no Extension on Jan 31 deadline

The new naira notes

The Central Bank of Nigeria (CBN) has warned commercial banks not to reject old Naira notes deposited with them before the January 31, 2023 deadline.

The apex bank also urged traders and residents in Kano state to report any financial institution that refuses to accept the old notes before the end of the deadline.

CBN’s Deputy Director, Financial Policy and Regulatory Department, Muhammad Hamisu Musa, disclosed this in Kano on Thursday, when the bank took its sensitisation to traders at the four main markets of Galadima Road, Sabon Gari, Singer and Kofar Wambai markets in Kano metropolis.

According to him, “The essence of this sensitisation is to create awareness to traders and other people to take their old Naira notes to banks before the set dateline.

Also Read: Naira: New Notes to be Distributed Before Deadline – CBN

“These new notes are made of higher quality than the old ones and I would like to assure you that CBN has printed enough notes to cater for citizens’ demand.

“To make sure that there is enough money in circulation, the apex bank has also asked commercial banks to stop counter payment in the bank, people should be paid only in ATMs. Whosoever wants cash should go to ATMs to withdraw,” he added.

The Director also urged traders to be careful as miscreants have already started printing fake notes, while urging people to report any bank that refuses to accept the old notes to them.

“If you take your old notes to any bank it refuses to accept them before the expiration of the deadline, report them to us,” Musa added.

He also explained that to ease the difficulty of depositing money in the banks, CBN has asked banks to be working in weekends and waived deposit charges.

Also speaking during the sensitisation, the Chairman, Galadima Road Market Traders Association, Alhaji Mustapha Shu’aibu complained that some commercial banks have already set deadline before that of the CBN to stop accepting the old notes.

“We want you to warn some of these bank managers, because it is like they have a sinister intention on our traders. There are also rural dweller who do not have banks in their areas, so we are pleading with the bank to consider extending the deadline. Let also there be plan for people even without bank accounts could take their monies to bank,” the Chairman added.

Similarly, the representative of the Sabon Gari Market Chairma, Alhaji Sakeh Umar Kura, lamented that many people will suffer if the January 31 deadline is not extended.

He also said banks still give out the old notes, less that two weeks to the expiration of the deadline, while urging CBN to make more of the new notes in circulation.

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