From Emmanuel Adeyemi, Lokoja
The Central Bank of Nigeria Thursday took it’s sensitization exercise on the new Naira notes design to some major markets in lokoja the Kogi state capital.
The sensitization was carried out in major dominant languages in the state including, Igala, Ebira, Yoruba, Nupe, and Hausa as all the leaders of traders’ unions, market women, drivers and other business men gathered their members for the programme
At the New Market, Lokoja the representative of the CBN governor and the deputy director Payment System, Dr Rekiya Yusuf explained to the market women and traders why the CBN had to carry out the Naira design
She disclosed that the current currency has been in circulation since 19 years ago and the and that the international norms in Central Banks all over the world is that their currency must be redesigned between five and eight years
She said the new Naira design was not targeted at any person of group of people as speculated but aimed at strengthening the economy and and reducing the counterfeiting of the notes by criminally minded people.
Dr Rekiya Yusuf said before this new policy, 84 percent of money in circulation were outside banking system, and the Apex bank finds it difficult to formulate policies that will enhance the standard of living of the people.
Also speaking on the occasion,the branch controller of CBN, Lokoja , Mr Ahmed Sule said all the 17 commercial banks in the capital have been directed to dispense the new Naira notes to the public both at the Counters and the Automated Teller Machines to members of the public.
He said any bank who fails to dispense the new notes or accept the old notes should be reported to the CBN for appropriate discipline.
Some of the traders who spoke on the occasion complained that most of the banks in lokoja are still dispensing the old notes to customers including the ATMs and said most of Bank ATMs are not functioning well which they said caused long queues at the banks.
The CBN officials later went round some banks to observe whether the commercial banks comply by dispensing the new notes and ATM machines in most of the banks visited were malfunctioning with the attendant long queues.