Metro

CBN Warns Bauchi Traders Against Hoarding Old Naira Notes As Deadline Nears

Published by Kamaluddeen Ibrahim

As the deadline allowed for transacting with old Naira Notes draws nearer, the Central Bank of Nigeria (CBN) Bauchi branch has directed traders and market women to deposit old Naira notes in commercial banks before the end of this month.

The apex bank also warned market women and traders not to reject the old notes, insisting that they are still valid for transactions.

The Branch Controller of CBN Bauchi, Idris Andaza said this while sensitizing traders at Wunti market on the need to deposit the old Naira Notes with commercial banks before the 31st January 2023 deadline allowed for using the notes as legal tender in the country.

“We are here to sensitise them that the redesigned notes will be used hand-in with the old notes until 31st of January this year. By then, the old N200, N500 and N1000 notes will cease to be legal tender in Nigeria.

“We are calling on marketers those who are in the habit of keeping their money in shops to within the remaining window hasten to any commercial bank and deposit the old notes.

Read: Bauchi Flood Victims Face Disfranchisement After Losing Voter Cards

“All the commercial banks have been instructed to collect the old notes without charging the customers,” the Branch Controller said.

He said over the years, Naira Notes in circulation have been defaced due to poor handling and hesitant of people to deposit the same in the bank.

The Branch Controller who was represented by Sulaiman Laido said “with this redesign, the new naira Notes have more quality and the security has been improved. They are more beautiful and durable.

Speaking, the Director of the National Orientation Agency (NOA), Nuru Yusuf Kobi said the sensitisation campaign is already in Bauchi rural communities as agents were sent to all the local governments of the state.

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About the author

Kamaluddeen Ibrahim

Publisher/Editor at Albarka Radio.

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