In a sensitization program organized by CBN in Shasha Market, Akure North Local Government Area of Ondo state, the CBN advised traders, businessmen, and women to take their old money to their various respective commercial banks for a deposit, and further assured them that there’s no charge for depositing money.
Mrs. Elizabeth Fasoranti the Director of the Branch Operation Department, further outlined the benefits of the new currency, according to her, the policy will help curb inflation, as the exercise will force people to bring their old notes to the banks, and it help have accurate data on the money that goes round.
And also one major reason they brought out this new policy is to help Nigeria operate a cashless policy and more importantly it will help curb corruption, as a limit in the daily withdrawal will help prevent corrupt events from occurring
She said, “The benefits of the currency redesign to the Nigerian economy are enormous. This policy will help to control inflation as the exercise will bring the hoarded currency into the banking system, thereby making monetary policy more effective, it will also help with better design and implementation of monetary policy as we would have much more accurate data on money supply and monetary aggregates
“We believe that this exercise would help in increasing financial inclusion, moving towards a more cashless economy, and ensuring greater formalization of the Nigerian economy.
“The currency redesign would assist in the fight against corruption as the exercise would rein in the higher denomination used for corruption and the movement of such funds from the banking system could be tracked easily.”
If we can recall, the old notes will not be legal tender as of the 31st, although the ATMs of several banks still dispense old notes.
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