CBN said New notes became necessary because currency management in
Nigeria faced several challenges.
Key highlights:
New notes became necessary because currency management in Nigeria
faced several challenges.
Traditional rulers urged to enlighten residents on the use and implementation
of the cashless policy of the Central Bank of Nigeria (CBN).
CBN says it encourages the public to explore other payment channels, such
as eNaira, POS, electronic transfer, internet and mobile banking.
The Central Bank of Nigeria through the Bankers’ Committee revealed that the
introduction of new notes was important towards dealing with challenges faced by
Nigeria’s currency management.
The Committee also urged traditional rulers to enlighten residents on the use and
implementation of the cashless policy of the Central Bank of Nigeria (CBN).
This was disclosed by the Chairman of the committee in Kano, Alhaji Muhammad
Hamisu, on Tuesday in a meeting with the visit to the Emir of Kano, Alhaji Aminu
Bayero
The Bankers’ Committee Chief, Alhaji Muhammad Hamisu said Traditional rulers
must educate their subjects on the benefits of going cashless for the economy.
Hamisu, who is also a Deputy Director in the CBN, said the new notes became
necessary because currency management in Nigeria faced several challenges that
had continued to grow adding that flyers and pamphlets were being distributed to
aid sensitisation on the cashless policy to enable the people to embrace online
transactions, he said:
“We are here to pay homage to you and then continue with other places and
markets to sensitise them”
“We believe that this exercise will help in increasing financial inclusion, moving
towards a more cashless economy, and ensuring greater formalisation of
Nigerian.
“We encourage the public to explore other payment channels, such as eNaira, POS, electronic transfer, internet and mobile banking.
Bayero the Emir pledged support to the sensitisation programme and appealed to
the apex bank to increase cash circulation, adding that CBN needs to expand its
outreach in rural communities on the cashless policy for the benefit of the
underprivileged persons, he said:
“Whatever policy we want to introduce must take a gradual process. As
traditional rulers that is our concern. You should keep on sensitising the
people on the cashless policy.”
He also urged Telecommunication Companies and other service providers to
upgrade their networks to ease the suffering of Nigerians.
Backstory
Nairametrics reported earlier that CBN confirmed the evacuation of banknotes
from its vaults to banks,
The CBN also directed all banks to open operations on Saturdays and Sundays to
meet their customer demand, citing that the Governor, Godwin Emefiele would
personally monitor compliance with the directive.
Sources:Nairametrics
