The Central Bank of Nigeria (CBN) has charged Nigerians to ensure that they deposit their old N200, N500 and N1000 notes in various banks before the January 31 deadline.
Mrs Olufolake Ogundero, the CBN Branch Controller in Oyo State, gave the charge on Thursday during a sensitization program held in markets in the state.
Recall that the CBN has introduced the newly designed N200, N500 and N1000 notes with the directive that all old notes will be out of circulation by January 31st.
The News Agency of Nigeria(NAN) reports that the peak bank sensitization train which departed from the popular Dugbe market, passed through Aleshinloye, Bodija, Gbagi and other major markets in Ibadan.
NAN reports that the sensitization train is also expected to visit markets in five other zones of the state, namely, Ogbomoso, Oyo, Ibarapa, Oke-Ogun I and Oke-Ogun II.
Ogundero said that the sensitization program was aimed at enlightening traders on the new naira notes and why they should deposit the old notes before the January 31 deadline.
He said the CBN has given many new naira notes to the banks.
Branch controllers allayed fears of unavailability of new naira notes in circulation, saying commercial banks have been instructed to load them in Automated Teller Machines (ATMs).
Ogunero said banks that fail to comply with CBN directives will be sanctioned.
“January 31 is still the deadline for all Nigerians to deposit their old naira notes in banks. The CBN is doing everything in its capacity to make the new notes available for banks to dispense through ATMs.
“Banks have been instructed to open the new naira notes at the ATMs. We are doing spot checks to ensure that the banks are passing the new notes through the ATMs.
“We have visited some ATMs and I can assure you that banks that fail to comply with CBN directives will be punished,” he said.
Some traders who spoke to reporters complained about the availability of the new naira notes, saying they are not in circulation as expected.
Alhaji Isiaka Onibode, a trader in the Aleshinloye market, asked the CBN to extend the January 31 deadline for notes to circulate as expected.
He promised to enlighten other traders on the need to deposit old naira notes before January 31.
Also, Rahmon Adebowale, a trader at Dugbe market, appreciated the beauty of the newly designed naira notes, but said they were still not well distributed.
“I have sold things this morning and was paid with old notes. I was at the bank yesterday and someone deposited old naira notes.
“They were asked to withdraw from the ATM to get new notes,” he said.