Zamfara: CBN Advices Business Communities To Deposit Old Naira Notes Before Jan. 31

The Central Bank of Nigeria (CBN) has in it’s continuous awareness campaign urged business communities of Gusau central market on the need to deposit old naira notes into their accounts before January 31.

Speaking at the event the Branch Comptroller, Malam Buhari Abbas, said replacement of the old currency notes was necessitated by the need of economic imprisonment in the country.

According to the Comptroller, it is the responsibility of the Central Bank of Nigeria on the review of the economic situation and other social factors to advised government on the desirable policies necessary to address socioeconomic problems affecting the nation.

He further noted that, considering the technological development, inflationary rate, financial crimes, insecurity among others were the factors compelled the CBN to make some changes on the Nigerian legal tender.

The naira notes of 1000, 500 and 200 will facilitate the eradication of fake currency in circulation and achieve steady transfer into cashless policy in the country.

Abbas called on the general public to accept the cashless policy as it bring more sanity to the economy, as security give higher contribution in the distraction of financial policies.

Also speaking, the National Orientation Agency Officer in Zamfara, Aminu Ibrahim, said, “We saw reasons to enlighten public on danger of continued keeping old naira note in our shops and houses beyond January 31, as the deadline remain unchanged”.

He urged people to disregard rumors in circulation that there is plan for the shift of deadline for old note of 1000, 500 and 200 as legal tender.

Adding that the commercial bank had been directed to operate 24/7 to ensure incessant deposit of old naira notes by the citizenry, and henceforth banks were ban from dispensing old cash notes.

In his remarks, the Special Adviser to the Governor on Zamfara State Market Development and Management Agency, Suleiman Muhammed, thanked the CBN for seeing the importance of educating business communities on this policy.