The traditional ruler of Owa Kingdom, lka North East, local government area of Delta state, HRM Obi Emmanuel Efeizomor, has pleaded with the Central Bank of Nigeria, (CBN), to extend the January 31 deadline when the old N200, N500 and N1,000 will cease to be legal tenders.
He pleaded on Friday in his palace at Owa kingdom when officials of CBN led by Mr Mokwe Ferdinard, Deputy Controller, CBN, Abuja, visited him to seek his support to sensitize stakeholders in Delta state on the newly redesigned currency notes.
The immediate past Chairman of Council of Traditional Rulers in the state called on CBN to create enough awareness because of the importance of the policy, pleading that the decision should be spaced out to combat the sufferings of the people that the policy is meant for.
While saying the cashless policy is okay and as such it should be looked into as people cannot rely on POS or transfer when buying inorder to avoid lockjams.
“CBN to weigh the plus and minus to avoid more hardships. The concept is good, no doubt but the application, time frame and management is another thing. At 84 years it is good to say things that will help us” he advised.
Earlier, the CBN officials who were in Asaba, Agbor and Warri on Thursday and the palace of the Dein of Agbor, HRM Benjamin lkenchukwu, Friday harped on the urgent need for residents to quickly deposit their old notes in the banks to beat the rush before January 31,2023
They also visited commercial banks to ensure the dispensation of new notes from the Automated Teller Machines (ATM)
Addressing traders at Bojiboji Owa Urban and Baleke markets in Agbor, Ferdinard said there is also the worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability and increasing ease by criminals and risk of carrying huge cash.
On the benefits of the currency redesign to the Nigerian economy, Mr Ferdinand said the exercise would bring the hoarded currency into the banking system, help to have much more accurate data on money supply and monetary aggregates, as well as assist in the fight against corruption among others.
He, however, said they should insist on collecting the new naira notes when withdrawing from the banks.
“When they go to banks for withdrawal, they should insist on collecting the new notes and not the old notes. They should not accept the old notes from the banks, again,” Ferdinard admonished.