Naira redesign deadline: CBN advises Kwara traders to embrace use of POS machines

The Central Bank of Nigeria (CBN) has advised market traders and business operators in Kwara State to embrace the use of Point of Sale (POS) machines to transact business with their customers to beat the naira redesign deadline rush, among other reasons.

Speaking during a two-day sensitization programme on redesigned naira notes of N1,000, N500 and N200 among traders in Ilorin on Friday, the CBN, Ilorin Branch Controller, Mr. Najim Lamidi, said that doing such would encourage cash management and reduce security risks holding physical cash in business transactions.

The CBN official, who cautioned the traders to note that some of their customers may want to dump old naira notes with them after the expiration of the January 31 deadline, emphasized the need to encourage the use of POS machines in business transactions.

He said that the apex bank would not extend the deadline on the redesigned notes beyond January 31, 2023, and urged the traders and other members of the public to take their old naira notes to banks or POS agents.

The CBN boss also advised the traders to discourage their customer from paying for goods with cash, saying that they should spread the message among their colleagues.

Talking on the rationale for the redesign of naira notes, he said that data had shown a large volume of banknote hoarding by the public, which he added had led to a shortage of clean and fit banknotes.

“Increase in the rate of counterfeiting in the country and the long span of re-designation of naira notes, which according to best practice, should be undertaken every 5 to 8 years”, he said.

In her speech, the Iyaloja of the Mandate market, Alhaja Funmilayo Baba-Kobi, promised to spread the message among members in the markets.

The sensitization programme was attended by market leaders and traders from Sawmill, Mandate, Awodi, Lasoju, Ipata, and Eyenkorin markets, while the CBN team also took the sensitization programme to members of the Christian Association of Nigeria (CAN) and
Federation of Muslim Women Association (FOMWAN) in Ilorin.

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