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Sunday, 29 January 2023 16:18

We’ve enough new currencies to give banks – CBN

In order to support the nation’s economic transition, the Central Bank of Nigeria’s Ilorin office in Kwara State gave people assurances on Saturday that no one would be denied access to the new naira notes.

The apex bank, however, said that it had given the state’s commercial banks enough brand-new naira notes to be issued to their ATM locations for use by state residents.

When the branch management began its monitoring activities at various banks in the state, they made this statement in Ilorin, the state capital, according to CBN branch controller Mr. Lamidi Najim.

UBA, Zenith, and Access were three of the banks being watched.

Najim, however, said that the CBN has put all measures on the ground that would assist the residents of the state to have access to the new banknotes.

“The newly redesigned naira notes were introduced by the CBN to control the amount of money in circulation, check counterfeiting, lower inflation rate and discourage ransom payment.

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“Apart from exchanging the new notes in banks, the apex bank says it has also made available cash swap to allow those in the rural communities swap their old currency for new ones,” Najim stated.

Meanwhile, the residents of the state have appealed for an extension of the policy so as to assist them to have access to the new naira notes.

Some of the residents who spoke with journalists over the weekend expressed concern over their plights at various banks and ATM points of getting the new notes.

Some of the banks limited withdrawal at ATM point to N10,000 while others who did cash swap in the banks were allowed to exchange up to N20,000 per person.

The residents said that it was not easy for them to get the new naira notes as the deadline is moving to an end.

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