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CBN sensitises Imo traders on naira re-design, cash withdrawal limits

By Charles Ogugbuaja, Owerri
19 January 2023   |   3:20 am
The Central Bank of Nigeria (CBN) has cautioned traders and residents in Imo State to take its banknote deposit window to deposit their old N200, N500 and N1,000 notes before January 31 deadline.

• Insists on January 31 deadline
The Central Bank of Nigeria (CBN) has cautioned traders and residents in Imo State to take its banknote deposit window to deposit their old N200, N500 and N1,000 notes before January 31 deadline.

The Imo State branch controller of the apex bank, Oruwari Boma, gave this advice, yesterday, during a sensitisation exercise at Relief Market, Owerri, the state capital.

On the cash withdrawal limits, the CBN official warned that they remained as specified for individuals and corporate bodies.

She said: “Section 17 of the CBN Act 2007 gives the apex bank the sole right to issue naira notes and coins. When we issue new notes, Nigerians use them to buy goods and services. As the notes change hands, they become dirty, turn, mutilated and soiled. It is the duty of the Central Bank to remove the damaged notes and replace them with new ones.

“As time goes on, more serious issues and challenges may arise, necessitating the bank to change and replace the old notes entirely. Global best practices encourage redesign of currency notes every five to eight years.”

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