The Central Bank Of Nigeria, CBN, says the redesigned naira notes are meant to check some perceived lapses in the current denominations.
CBN Governor, Godwin Emiefele stated this in Lokoja at a sensitization program organised by the Apex bank in Kogi State.
Represented by the Deputy Director, Payment Management CBN, Abuja, Doctor Rekiya Yusuf, the Governor said with effect from the thirty-first of January the One thousand naira, Five hundred naira and Two hundred naira will cease to be legal tender which necessitated the introduction of the redesigned. notes already in circulation.
According to him, the law empowers the Apex bank to redesign naira notes every five to eight years with the current ones last redesigned nineteen years ago.
The merit of the redesign notes he stressed among other things includes; checking corruption and corrupt practices, ransom payment by bandits and kidnappers as well as lowering the risk of inflation of goods and services rendered.
The development the CBN Governor noted is in tandem with international global standard.
Earlier in his opening remark, the Lokoja Branch Controller CBN, Mr. Ahmed Sule said the programme was put together to urged the people to accept the redesign naira notes as legal tender.
Mr Sule said the sensitization would be done across the State down to the grassroots.
Also speaking, the Secretary Traders Association, Lokoja, Idi Ibrahim, and a trader Ugochukwu Ozueh complained of delays in reverting money from the ATM as well as the issuance of old notes by some banks which the branch Controller said the issues are being tackled headlong.
The CBN Team visited some Banks and their Automated Teller Machines, ATM, to check compliance with the CBN directives.