Naira redesign: CBN takes campaign to Onitsha market


Currency withdrawal

Godwin Emefiele

By Vincent Ujumadu

THE Central Bank of Nigeria, CBN, yesterday took the campaign for Nigerians to embrace the policy of the redesigned naira notes to the famous Onitsha main market,  reminding the traders that the current denominations would cease to be legal tender on January 31,2023

The affected denominations are one thousand, five hundred and two hundred naira notes.

The branch controller of CBN, Awka, Mr. Benedict Maduagwu, who led the team, along with officials of commercial banks operating in Onitsha, assured the traders that they would not be charged any fee irrespective of the amount they deposited in the banks.

Describing currency management as a key function of CBN, he lamented that in recent times, Nigeria had faced several challenges that have continued to grow in scale and sophistication with unintended consequences for the integrity of both the apex bank and the country. 

According to him, some of the challenges include a significant hoarding of…

Source: Vanguard Newspaper