CBN Allays Traders’ Fears Over January 31 Deadline For Exchanging Old Naira Notes

The Central Bank of Nigeria (CBN) has allayed fears being entertained by traders and other market men and women over hitches likely to be encountered when exchanging the old Naira notes for the new ones without operating any bank account.
The Abeokuta branch of the CBN specifically assured residents of Ogun State that commercial banks will be available to open free accounts for “concerned persons” in a manner that will require no document, but only their names and address.
CBN’s Abeokuta Branch Controller, Wahab Oseni gave the assurance while fielding questions from traders and markets men and women yesterday in Abeokuta metropolis during the second leg of sensitization programme carried out by the bank at the popular Lafenwa Market in Abeokuta, the Ogun state capital.
At the sensitization programme, which attracted a mammoth crowd, particularly traders from different commodities in Lafenwa Market, residents had expressed great fear over the inability of certain categories of the population, particularly the aged whom they said do not have any bank account but only save their money at home.
The traders were agitated that this set of traders may find it difficult to exchange their old Naira notes for the new ones before the January 31st deadline for the validity of the old naira notes.

But the Abeokuta Branch Manager of the bank, Oseni disclosed that the apex bank’s Governor, Godwin Emefiele had supplied sufficient cash to all commercial banks across the nation so as to ease the circulation of the new currency.

While admonishing residents to visit their various banks to change the old notes before the deadline, Oseni also debunked speculation that the CBN will extend the deadline date for the authenticity of the old naira note, declaring that CBN is not considering extending the date.

Oseni equally reiterated the CBN’s threat to sanction any banks who still release the old currencies after the January 31st deadline.

“The governor and his team have supplied more cash to branches of CBN and from yesterday, sufficient cash is now available in all the commercial banks so that they will be penalized wherever they use old notes. Any bank that is found still bringing it out will be penalized.’’