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New Naira Notes: CBN committed to achieving cashless economy- Ekanemesang

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By Odo Ogenyi,Uyo

The Central Bank of Nigeria, CBN, has said it is committed to achieving a cashless economy, aimed at reducing too much money in circulation, it’s deputy director, Mr. Dominic Ekanemesang has said.

Ekanemesang made this known weekend when he led other staff of the bank to sensitise worshippers at Sacred Heart Catholic Parish, Aka Offot, Uyo Akwa Ibom State, on the New Naira notes of N1000, N500, and N200, and the January 31deadline when the old Notes would cease to be legal tender.

The Deputy Director said that the importance of the cashless economy in tackling illicit financial transactions in the country including
terrorism financing, and money laundering could not be over-emphasized.

He appealed to Akwa Ibom citizens and residents, to embrace the CBN cashless policy and also ensure that they returned the old Notes to the banks before the deadline in order not to lose their money.

“We are here to carry out sensitization on the new currency redesign. And we are carrying out this across all the 36 states of the Federation and the Federal Capital Territory, (FCT).

” The benefit of the new currency redesign is to ensure that the CBN Monetary policy is effective. We are moving to cashless economy to ensure that we don’t have too much money in circulation.

“The essence of the currency redesign is to ensure that the monetary policy of the CBN is achieved. We want to safeguard the financial system. And as such we are withdrawing the old notes of N1000, N500, and N200 from circulation after January 31, 2023.

“I’m sure all of us are aware that we have new notes, and that after January 31, the old notes will cease to be legal tender. You are aware that the three higher denominations are being used for illicit transactions such as, kidnapping, terrorism financing and money laundering.

“Also we want to drive financial inclusion, to bring the citizens into the financial system. So if you don’t have a Bank account this is the opportunity for you to go and open a bank account and deposit the old notes into your account. So Please this is an appeal so that you don’t lose your money.” Ekanemesang explained.

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