MON, 14 NOV, 2022-theGBJournal| The Central Bank of Nigeria (CBN) says it is witnessing increased currency deposits across banks and other financial institutions in the country, the outcome of its new currency redesign policy.
Against this backdrop, the CBN said it remains resolute to the seamless implementation of the initiative to ensure the ‘’achievement of its objectives to preserve the integrity of the local legal tender by reducing the significant amount of cash outside the banking system and its use in criminal activities, curtailing counterfeiting and promote financial inclusion, among others.’’
The apex bank said it noted the uneven distribution of financial access points and alternative banking channel across the country-electronic banking, mobile apps, ATN, Card/PoS, eNaira and agent banking among others- and has been collaborating with relevant agencies and other stakeholders in the financial system in its execution, particularly ensuring that vulnerable citizens are not disenfranchised.
It urged the banking public in rural areas and underserved areas to access its branches in the 36 States of the Federation to enquire about options for depositing their N200, N500 and N1,000 notes, wallet/account opening processes, financial access points among others.
The apex bank said, in a statement signed by its director, Corporate Communication, Osita Nwanisobi, and seen by theG&BJournal, that agent locations across the country have been fully enabled for BVN registration, opening banking accounts/wallets, electronic cards distribution, and cash deposits.
‘’Due to the policy, the agents have also been accorded priority to enable them to deposit cash collections through bank branches across the federation.’’
Nwanisobi said the apex bank shall continue to monitor developments and issue updates to the banking public on the implementation of the Naira redesign policy as may be necessary.
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