The Central Bank of Nigeria (CBN) on Wednesday began sensitization of the public on the newly redesigned Naira notes at Oja Oba open market in Akure, the Ondo State capital.
The officials of the nation’s apex bank stormed the largest open market in the metropolis with samples of the redesigned Naira notes for them to be able to identify and document the new changes in the colours of the new currency.
Addressing the market women and men, the Acting Branch Controller of CBN in Ondo State, Mr Giwa Ademola explained that the sensitization became necessary to enlighten the public on the features of the new Naira notes to avoid being conned by fraudsters.
He disclosed that the N1000, N500 and N200 notes were redesigned to force people who hoard cash in their homes to take them to the bank.
Besides, he said the decision for the redesigning was to check inflation, for effective monetary policy and curb corruption.
Speaking on the features of the new Naira notes, Mr Giwa said the new notes are durable and contained some security features that would check for counterfeit.
He said: “Currency management is a key function of the Central Bank of Nigeria, as enshrined in Section 2 (b) of the CBN Act 2007. Indeed, the integrity of a local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy are some of the hallmarks of a great Central Bank
He, however, disclosed that the old Naira notes would cease to be legal tender after January 31, 2023. The new Design & current series are to circulate side by side until January 31, 2023, when the current series ceases to be legal tender.
