From Mika’il Tsoho, Dutse
The Central Bank of Nigeria (CBN), has urged the marketers and stakeholders in Jigawa state to comply with January 31st order as final day of using old N1000, N500 and N200 bank notes.
The call was made by the CBN Dutse area controller, Hajiya Sa’adatu Ibrahim Amin during the stakeholders sensitization at Dutse ultra-mordern market in the state capital.
She explained that, currency management as a key function of the Central Bank of Nigeria recieved directive from president Muhammadu Buhari to redesign denominations of N1000, N500, and N200 which was unveiled on November 23,2022.
According to her, in recent times the currency management in Nigeria has faced several challenges by members of the public, including hoarding bank with statistics showing that N2.72 trillion out of the N3.26 trillion currency in circulation.
Mrs Ibrahim added that, the redesignation of new notes will also adress the challenges of worsen shortages of clean and fit banknotes and increase risk to financial stability.
She maintained that, it would reduce risk of counterfeiting and increase evidences for security reports received at the Central Bank of Nigeria.
Never miss a moment! Get the stories shaping Nigeria, delivered straight to your phone. Follow Peoplesdaily Newspaper on WhatsApp for breaking news, exclusive reports, and the headlines everyone will be talking about, before anyone else.
