New Nigeria Naira Notes; Emefiele tells Nigerians to be Patient

Naira Note
Nigeria Naira Note

Central Bank of Nigeria (CBN) Governor Godwin Emefile appealed to the Nigerian public for understanding, adding that the redesigned New Nigeria Naira Notes would be in circulation and accessible.

Central Bank of Nigeria (CBN) Governor Godwin Emefile appealed to the Nigerian public for understanding, adding that the redesigned banknotes would be in circulation and accessible.

He said he has seen protests and debates related to the difficulty of public access to the new memo.

”I understand the agitation and I’m begging in God’s name, we are on our knees begging people to please show understanding. They should be calm.

”In our meetings with the banks, we have told them to set up tents and chairs, and give people numbers, which I’m sure some people will say it is old-fashioned.

”But at this time that we’re trying to get the currency in circulation amongst everybody, people have to have numbers and they come in under a queueing arrangements that when you come in you get served, if it finishes, just be patient.

”By tomorrow, when you come back, they will start from where they stopped, you will not be cheated.

”Let’s just be calm and adopt a good queueing system, the assurance we give is that it will eventually go around.

”Eventually the limits will be raised and eventually the limits will be removed and people will be able to conduct their business transactions in a way that it has always been in the past,” Mr Emefiele said.

On high charges by the Point of Sale (PoS) agents on every transaction made by their customers, the apex bank governor urged banks to stop the charges on PoS.

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”I am going to be calling a meeting with the banks this evening or by tomorrow, if those charges go to or those charges have been charged through the bank, we are going to have an arrangement with even telcos to see how those charges can actually at this time be stopped.

”Those charges at this time should be stopped. So, if we know whatever you are making that you’re not making because we stopped it, we can collect it somewhere and look for a way to pay you.

”But we don’t want you to continue to create pain on those who want to use alternative channels when they cannot have cash in their pocket.

”We will go into this later this night or even tomorrow, we’re going to call a meeting of both the banks and the mobile networks; at this time nobody should be charged, if you are charged, we will need to know about it.

”But we would want this service to continue to be offered. Whatever it is in terms of volume and number that you have carried out. We will look for a way to pay you your money,” he said.

NAN reports that the redesigned naira notes comprising N200, N500, and N1,000, came into use on 15 December 2022, after they were unveiled by President Muhammadu Buhari on 23 November 2022 in Abuja.

The CBN had earlier fixed 31 January as the deadline for the collection of old naira notes but later extended the time limit to 10 February.

The governor had ordered banks to load their Automated Teller Machines with the new naira notes to ensure Nigerians had access to them.



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