Plateau: CBN urges religious leaders, traditional rulers to sensitise followers to deposit old notes

The Director, Payment System Management Department of the Central Bank of Nigeria (CBN), Alhaji Musa Jimoh has urged traditional and religious leaders to sensitize their people to deposit their old currency notes in commercial banks.

Addressing reporters in Jos, Plateau State, on the level of compliance by banks to dispense the new notes, the director of Payment System Management urged customers to deposit the old notes in their possession into commercial banks as the January 31st deadline remains sacrosanct.

He enumerated that the redesigning of currency is a national project to address some anomalies as a result of the circulation of fake notes, adding that they have lost count of the total amount of money in circulation because this money has been withdrawn and kept in different homes for several years, become mutilated, and is not brought back.

According to him, old notes are still legal tender until the January 31st deadline, and he implored Nigerians to make haste in changing their old naira notes to new ones.

Jimoh pointed out that the global best practices are that within five years you should have your currency redesigned, adding that it has been almost nine years since the last one was issued.

The director also said the Apex Bank is fully involved and committed to ensuring a hitch-free exercise while urging traditional and religious leaders to carry the message to the hinterland as they go around the banks to ensure that all ATMs dispense new notes in order to meet the January 31st deadline.

He further disclosed that there are about 1.5 million agent outlets nationwide for effective dispensing of new notes, adding that CBN has provided new currency notes to all deposit money banks and agents are warning that banks should not push old notes in their ATMs.

Jimoh also announced that the CBN engaged the “super agents,” with which five banks are contracted in the country, adding that 600 agents will be involved on the plateau.

The bank director pointed out that in those rural areas, or the hinterlands, where no bank agents are sent, people should swap money by collecting old notes and giving out new ones.

What CBN is doing is leveraging the agents that are our eyes at the apex bank in the area communities because the agents now act as the bank’s ATMs.

Jimoh also said the Apex Bank is on the lookout for those who sprayed and matched Nigerian currency on the ground, adding that it is a serious offense for anyone to do that because our currency is a symbol of our sovereignty.