The Central Bank of Nigeria (CBN) has urged market traders in Lagos to embrace e-naira and other electronic channels available for banking and financial service for easy transactions.
CBN Deputy Director, Banking Services Department said this when the bank took its sensitisation train on the new naira notes to Ashejere Market in Makoko Community, and Sabo Market, both in Yaba area of Lagos on Tuesday.
The News Agency of Nigeria (NAN) reports that the redesigned notes, which includes N1,000, N500 and N200, came into use on Dec. 15, 2022, while the old notes will cease to be legal tender on Jan. 31.
NAN recalls that the CBN Governor, Mr Godwin Emefiele had said that the Jan. 31 deadline remains.
Ajala said, “we are encouraging people to get away from this cash thing and begin to use the e-naira speed wallet and the other cashless platforms to transact and do their day-to-day businesses.
“So, the Central Bank ideally wants to reduce the amount of cash that we use and we are putting in a lot of efforts to get everybody on board, the new era is now cashless as it where.
“Though, it’s going to be gradual, but that’s the focus.”
She emphasised that banks were instructed to load and dispense all denominations of the new notes via their Automated Teller Machines (ATM).
She said that CBN was currently conducting an official financial inspection of banks to check ATMs that were not dispensing the new notes.
She said, “the banks have been instructed that all the denominations that were given must be dispensed.
“We are doing a lot of audits on them. We’re following up seriously on them to trace whatever we give them must reach the grassroots.”
Memud Iyabo Ajoke, Assistant Iya Oloja, Ashejere Market, Makoko, Yaba, who represented the Iya Oloja, commended the apex bank team for choosing to bring its sensitisation campaign to traders in Makoko Community.
She said,”We have instructed all the market women before now that by Jan. 31, the old naira will no longer be legal tender.
“We have already advised the women not to collect the old notes again from Saturday, January 28.
“If any one wants to buy, the person should buy with the new notes or do a transfer and if they refuse to do so, they should not sell their goods to them.”
Mrs Kudirat Taylor, a fish seller, urged the CBN to ensure that all ATMs at different bank branches dispense new notes
“To be sincere, there is need for CBN to continue this sensitisation, so that a lot of people will be aware.
“Also, enforce strict monitoring on the banks to ensure compliance. Although many banks have started paying the new notes, there are some that still pay old notes.
NAN reports that the highlight of the exercise was a presentation of flyers and samples of the redesigned notes to the Iya oloja of the market.
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