We have new naira notes in sufficient quantity — CBN

“I can assure everyone that the new notes will circulate”

The Central Bank of Nigeria (CBN) has dismissed speculations over the inadequacy of the newly redesigned naira notes in the banks, saying there is sufficient quantity in circulation.

The Ekiti State CBN branch Controller, Abiola Omotoso stated this during sensitisation on the new notes to traders at the Oja Oba Market, Ado-Ekiti, the Ekiti State capital on Friday.

Omotoso stated that speculations that the commercial banks did not have enough new notes for circulation were false and lack content of validity, noting that there was no shortage of the new naira notes as being claimed.

He added that the banks have adequate supply of the required quota of the new banknotes at the moment and adequate plans have been made by the CBN to ensure the circulation of the new notes.

He said, “The newly redesigned currency notes are available to everyone. We have sufficient quantity in the banks. I can assure you that the new notes will circulate before the deadline

“We have called the banks that they should come with their incidence of withdrawal. We are doing that presently in the office and that is why many of us were not here.

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“I can assure everyone that the new notes will circulate. So, as transactions take place, you are going to be having the new ones and as people are giving out the old notes, they’ll be receiving the new notes.”

The CBN Deputy Director, Oluwole Owoeye explained that the motive of the sensitisation was to enlighten the public about the newly redesigned naira notes and how to identify the original ones.

He reminded the traders in the market that the old naira notes being withdrawn from circulation would cease to be legal tender after January 31, urging them to deposit those in their possession before the deadline.

Owoeye warned the market women and businessmen against rejecting the new notes as they are legal tender recognised for transaction purposes.

According to him, the old currency notes were redesigned with the major aim of tackling counterfeiting, inflation, currency hoarding, improving the monetary policy and giving CBN control over the amount in circulation.

“You see counterfeiting is done all over the world but it primarily behooves the regulatory authority to make it more difficult. And that’s why there is a need to redesign the old notes

“Equally, it the old notes were redesigned to give the CBN control over the amount of money in circulation. And those who has billion and millions in their home you frustrate them. What the CBN is doing is to make it difficult for people to hoard it. A lot of money in circulation are outside the banking system,” Owoeye said.

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