As Nigerians continue to experience difficulties getting the new naira notes, the Central Bank of Nigeria (CBN) has said there was a massive supply of the notes to the banks. Musa Jimoh, CBN Director, Payment System Management Department, dismissed the allegation at a news conference in Jos.” The CBN has massively supplied the new notes to commercial banks to dispense both at counters and ATMs.” This is to enable quick circulation and we want to advice commercial banks to desist from keeping the cash away from the public or face the stiffer sanction,” he said.
CBN governor, Godwin Emefiele advised citizens to deposit their old notes at any commercial bank and acquire new ones with immediate effect, insisting that the Jan. 31 deadline remained sacrosanct. The CBN governor explained that the decision to redesign the currency shows that the apex bank is in tandem with global standard, adding that currency notes ought to be redesigned within five years.

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