CBN allays fears over counterfeit new naira notes

Sensitises market women in Ondo, says it ‘ll be extremely difficult
The Central Bank of Nigeria (CBN), yesterday, allayed fears that counterfeits of the redesigned new naira notes could be easily made.

The apex bank, while urging Nigerians not to entertain any misgivings about the new denominations, said that the security features on the new notes could not be breached.

Acting Branch Controller, CBN, Akure, Mr. Samuel Giwa, stated this during the sensitisation programme for market women and traders at Adedeji Market, Akure, the state capital.

Giwa, who urged Nigerians to disregard the rumours that the new redesigned naira notes do bleach, said that with the introduction of the new notes, the economy of the country would be further strengthened, reduce the expenditure on cash management, promote financial inclusion and enhance the CBN’s visibility of the money supply.

He urged the traders not to wait till January 31, 2023 deadline for the old notes, encouraging them not to keep cash at home but to cultivate the habit of taking the cash to the bank.

The Acting Branch Controller of the bank, who explained that the decision to redesign three denominations of the naira was not targeted at any group or person, said: “There is a significant hoarding of banknotes with statistics showing that N2.72 trillion out of the $3.26 trillion currency in circulation as of June 2022 was outside the vaults of commercial banks across the country and supposedly held by members of the public.”