The continuing sensitization on new naira notes was brought to Shasha Market, located in Akure North Local Government Area of Ondo State, by the Central Bank of Nigeria. The bank recommended the market’s merchants take their money to commercial banks at this time.
The leading financial institution reaffirmed that there is no cap on the amount of money a customer may deposit until January 31, 2023, and further said that all bank fees have been waived.
Mrs Elizabeth Fasoranti, who is the Director of the Branch Operations Department, outlined the significant positive effects that the newly designed currency will have on the Nigerian economy in her presentation.
She mentioned that one of the most important responsibilities of the CBN, as stated in Section 2(b) of the CBN Act in 2007, was currency management.
She stated that there will be significant benefits to the economy of Nigeria as a result of the reform of the currency. This policy will help to control inflation because the exercise will bring the currency that has been hoarded into the banking system. This will make monetary policy more effective, and it will also help with the design and implementation of better monetary policy because we would have significantly more accurate data on money supply and monetary aggregates.
“We believe that this exercise would help in increasing financial inclusion, moving towards a more cashless economy, and ensuring greater formalisation of the Nigerian economy.” “We believe that this exercise would help in increasing financial inclusion, moving towards a more cashless economy, and ensuring greater formalisation of Nigeria
In his remarks, Ibrahim Dangari, the Seriki Hausa of the Shasha market, expressed gratitude to the CBN team for coming to the market in order to educate the locals about the dangers of smoking shisha.
He advised the merchants to bring their stale notes to the bank as soon as they could, rather than wait until the old notes were no longer valid.
Mrs Bosede Abidakun, the Iyaloja of the Shasha market, stated that the sensitization was conducted at the appropriate moment, and she added that it will educate the merchants more on the newly designed notes.
She urged the merchants to comply with the bank’s request to turn in the old notes before the deadline and not refuse the newly redesigned ones.