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CBN Sensitizes Marketers On The New Naira Note

Fathia Olaitan

Central Bank of Nigeria, CBN, has begun a two-day sensitisation campaign on the new naira notes to traditional rulers, and markets in Ilorin, Kwara State.

The sensitization program commenced from Balogun Fulani to Emir of Ilorin, His Royal Highness, Dr Ibrahim Sulu Gambari, to Oja- Oba, Baboko market, Obbo road market and Yoruba road market to create awareness on the need to take the old naira notes to the bank before the expiration of the deadline on Thirty-first of January.

Addressing marketers, CBN Ilorin, Branch Controller, Mr Najimu Lamidi said that it was a wide practice to change currency every five to eight years to tackle counterfeiting of the currency.

Mr Lamidi further noted that CBN detected that about Eighty-five per cent of the currency is not in the bank’s vault, hence the need to know how much money is in circulation.

He urged market women and men not to reject the new notes of 200, 500 and 1000 as legal tender, stating that security features have been included for easy identification of fake notes.

While encouraging people in the rural areas to go to their nearest local government to deposit the money, Mr Lamidi maintained that
only the Automator Teller Machines, ATMs could dispense new notes as withdrawals over the counter are of the old notes.

In a remark, the Emir of Ilorin, Dr Ibrahim Sulu Gambari charged CBN officials not to rest on their oars as fraudsters have wide knowledge on how to produce counterfeits, hence need to devise measures on how to protect the currencies.

The campaign also paid homage to the Balogun Fulani of Ilorin, Alhaji Abubakar Sidiq-Atiku.

CBN Ilorin Branch Controller showing Emir of Ilorin the new currencies.

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Written by Binta Nuan

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