- New banknotes became necessary because the management of the currency in Nigeria faced several challenges.
- The traditional rulers urged to inform residents about the use and implementation of the cashless policy of the Central Bank of Nigeria (CBN).
- CBN says that it encourages the public to explore other payment channels, such as e-Naira, POS, wire transfer, Internet and mobile banking.
The Central Bank of Nigeria, through the Bankers Committee, revealed that the introduction of new banknotes was important to address the challenges facing the management of Nigeria’s currency.
The Committee also urged traditional rulers to inform residents about the use and implementation of the cashless policy of the Central Bank of Nigeria (CBN).
This wasthe president of the Kano commission, Alhaji Muhammad Hamisu, this Tuesday in a meeting with the visit to the emir of Kano, Alhaji Aminu Bayero.
The head of the Bankers Committee, Alhaji Muhammad Hamisu, said traditional rulers need to educate their subjects on the benefits of being cashless for the economy.
Hamisu, who is also deputy director of CBN, said the new notes became necessary because the management of the currency in Nigeria faced several challenges that kept growing, adding that flyers and pamphlets were being distributed to help raise awareness of the cashless policy. to allow people to adopt online transactions, he said:
- “We are here to pay tribute to them and then continue with other places and markets to raise awareness”
- “We believe this exercise will help increase financial inclusion, move towards a cashless economy and ensure further formalization for Nigerians.
- “We encourage the public to explore other payment channels, such as e-Naira, POS, electronic transfer, internet and mobile banking.
Bayero el Emir vowed to support the awareness program and called on the main bank to increase cash circulation, adding that CBN needs to expand its reach in rural communities on the cashless policy for the benefit of disadvantaged people, he said:
- “Any policy we want to introduce must take a gradual process. As traditional rulers, that is our concern. You should continue to make people aware of the cashless policy..”
He also urged telecommunication companies and other service providers to upgrade their networks to alleviate the suffering of Nigerians.
Nairametrythat CBN confirmed the evacuation of banknotes from its vaults to the banks,
The CBN also ordered all banks to open for business on Saturdays and Sundays to meet customer demand, citing that the governor, Godwin Emefiele, would personally monitor compliance with the directive.