From Uche Usim, Abuja
To guarantee the success of the cashless policy and usage of the new naira notes, the Central Bank of Nigeria (CBN) has deepened sensitisation at all major markets across the country.
In Abuja, the apex bank officials have visited Wuse and Garki markets, the two major ones in Abuja.
Speaking at the Garki market, CBN Director and Managing Director of NIRSAL Micro-Finance Bank, Abubakar Abdullahi Kure, told the traders and other stakeholders to ensure they empty the old notes in their possession at the banks while using other banking channels for their transactions.
He added that the new policy will help control inflation as it will bring the hoarded currency into the banking system, thereby making monetary policy more effective.
“It will also help with better design and implementation of monetary policy as we would have much more accurate data on money supply and monetary aggregates.
“We believe that this exercise would help in increasing financial inclusion, moving towards a more cashless economy, and ensuring greater formalisation of the Nigerian economy”, he said.
He assured that the banks would be closely monitored, adding that those found culpable of hoarding and diverting the new notes will be sanctioned.
He said: “We’re taking stock to know those getting new notes and what they are disbursing or why they’re not disbursing. We’re monitoring to know whether the banks are hoarding, diverting or not even picking the new money.
“Appropriate penalties will be meted out where infractions are determined”, he said.
On the possible extension of the deadline, Kure said: “At this point, I can’t say yes or no”.
He added that there has been a massive deployment of CBN Directors across the country to deepen sensitisation on new naira notes and cash restrictions.
He further revealed that the apex bank was consulting with religious leaders and traditional rulers to secure their buy-in and ultimately make the initiatives a success.
Stakeholders in the market appealed to the apex bank to ensure the availability of the new notes as their livelihood depended on it.