Legal Tender: Nwanisobi Reiterates CBN’s Commitment to Seamless Implementation

The Central Bank of Nigeria (CBN) yesterday reiterated its commitment to the seamless implementation of the naira redesign project to achieve its fundamental objectives.

It also pledged to shield vulnerable Nigerians from any negative impact that may arise from the execution of the project.

A statement by the Director of Corporate Communications, Osita Nwanisobi, said the apex bank ‘is pleased to note the positive response of the banking public to the policy through increased currency deposits across banks and other financial institutions’.

Nwanisobi reiterated the CBN’s commitment to the seamless implementation of the initiative ‘to ensure the achievement of its objectives of preserving the integrity of the legal tender, by reducing the significant amount of cash outside the banking system, and its use in criminal activities, curtail counterfeiting, and promote financial inclusion, among others’.

While noting the progressive increase in financial access points and alternative banking channels over the years, Nwanisobi said they might not be evenly distributed.

He added: “In operationalising this initiative, the CBN has been collaborating with relevant agencies and other stakeholders in the financial system in its execution, particularly ensuring that vulnerable citizens are not disenfranchised.

“Accordingly, the banking public in rural and/or underserved areas may access CBN branches in the 36 states to enquire about options for depositing their current N200, N500, and N1,000 notes, wallet/account opening processes, financial access points, etc.

“Agent locations across the country have also been fully enabled for BVN registration, opening banking accounts/wallets and e-Naira wallets, electronic card distribution, and cash deposit, among others.

Due to the policy, the agents have also been accorded priority to enable them deposit cash collections through bank branches across the federation. The bank shall continue to monitor developments and issue updates on the implementation of the Naira redesign policy as may be necessary.”