Traders have applauded the Central Bank of Nigeria, CBN, for carrying out sensitization on the new Naira notes in markets while calling on the apex bank to ensure the circulation of the redesigned N200 and N500 notes.
Traders who spoke during a stakeholder sensitization on the currency redesign at Asejere Market, Makoko and Sabo Market, Yaba in Lagos state, said they need the N200 and N500 notes to settle their customers who might buy goods not up to N1,000.
“It is the new N1,000 that is very common but we need to give change (balance) to our customers when they buy goods. So, we will appreciate it if the government can make the N200 and N500 available,” noted a fish seller, Abibat Lawal at Asejere market.
While confirming the availability of the new notes, the deputy Iyaloja of Asejere market, Memud Ajoke, said the market leaders led by its Iyaloja, Alhaja Kasarat Adebayo have been encouraging the traders to embrace the new notes.
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“We have told those of them that have accounts to accept bank transfers. We will be meeting them on Thursday to intensify this message that you have passed across today. Personally, I will stop accepting the old notes from Saturday so that I won’t be caught up in any rush. All the cash I have with me are new notes,” she said.
Deputy Director, Banking Services, CBN, Josephine Ajala, assured the traders that the apex bank has instructed the commercial banks to load their Automated Teller Machines, ATM, with all the denominations. While noting that all ATMs have started dispensing the new notes, she said the apex bank is monitoring compliance.
“Right now, as we speak, I doubt if there is any ATM that is dispensing old notes. All efforts have been made to ensure all banks have the new notes. The banks have been instructed to ensure that all the denominations given to them are dispensed,” she said.
While noting that the bank will continue the sensitization beyond the January 31 deadline for phasing out of the old notes, she said the bank is also encouraging Nigerians to go digital by embracing the cashless policy of the CBN.
ATMs monitored at Sabo market and its environs were dispensing new notes.
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