WHY APEX BANK WOULDN'T EXTEND DEADLINE ON OLD NAIRA NOTES - CBN DEPUTY DIRECTOR

By Sam Ajide

The Deputy Director,Central Bank of Nigeria, CBN,Dr Akinboyo Lawrence, on Thursday said the emergence of the new naira redesign by the apex bank is to eradicate fake currencies and to also combat various financial crimes in the country.

Dr Akinboyo Lawrence spoke while leading other CBN representatives to the Palace of Jegun of Idepe Kingdom,Oba Micheal Obatuga Adetoye as part of the ongoing CBN's monitoring and sensitization tour  across the country on the new naira notes policy.

The CBN deputy director, while highlighting some of the shortcomings  Nigerians might face on their failure to deposit their old Naira notes to their financial institutions before its expiration as legal tender before January 31 this year as deadline in line with the order of the apex bank Governor, Mr Godwin Emefiele noted that there is no going back on the duration given as recently declared by President Muhammadu Buhari.

He hinted that the new redesigned Naira notes by the CBN with 39 notable features was not to sabotage the economic of Nigerians neither to cause hardship for citizens, urging all Super Agents to ensure rapid swapping of the old notes with the new denominations for those without bank account with maximum of #10,000.

Dr Akinboyo, during the CBN monitoring tour, appealed to traditional rulers,and other community stakeholders in the Southern part of Ondo State to communicate residents on the need to comply with CBN directive to avoid unnecessary uproar.

Receiving in audience of CBN representatives at his Palace,the Jegun of Idepe-Okitipupa, Oba Micheal Obatuga Adetoye promised to extend the message across other Obas in Ondo South, extolled CBN for adopting such holistic approach without haphazard action to help checking and abating corrupt practices in Nigeria.

Some of the financial institutions visited were United Bank of Africa PLC Okitipupa in Okitipupa Local Council area, and also, First Bank PLC, First Community Monument Bank PLC,FCMB and their Super Agents operation points all in Igbokoda in Ilaje Local Government Area of Ondo State to ascertain their level of relationships with beneficiaries on Old-New Naira notes Swapping.