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February 26, 2024

Olubadan supports CBN over redesigned naira notes, accepts Jan. 31 deadline

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By Akeem Abas

The CBN has enlisted the support of the Olubadan of Ibadanland, Oba Lekan Balogun and Olubadan-in-Council, on the advocacy of the newly designed naira notes in Ibadan.

Mrs Olufolake Ogundero, the CBN Ibadan Branch Controller, told said this after an advocacy visit to the Olubadan on Saturday at his Alarere Palace, in Ibadan.

The News Agency of Nigeria(NAN) reports that the apex bank’s sensitisation train, which took off from the popular Dugbe Market on Thursday, had visited major markets across the state and other important institutions.

It would be recalled that the CBN Governor, Mr Godwin Emefiele, had announced the introduction of redesigned N200, N500 and N1000 notes with a directive that all old notes would be out of circulation by Jan. 31.

Ogundero said that the CBN had disbursed enough of the redesigned notes to banks in the country.

She said that heavy sanction awaited any commercial bank that hoarded or engaged in any sharp practice on the newly introduced naira notes.

The branch controller said that the apex bank had provided sufficient liquid cash for the smooth running of the nation’s economy.

“We have also disbursed adequate newly redesigned naira notes to all banks in Nigeria. They have no excuse not to pay customers or load it in their ATMs.

“We are tracking and monitoring these banks on compliance and commensurate sanctions awaits any bank or individual that is found engaging in any sharp practice,” she said.

Ogundero said that they were at the palace on the instruction of the CBN governor to sensitise the Olubadan-in- Council and seek their valuable support for the newly redesigned Naira notes.

She reaffirmed that the Jan. 31 deadline for the legal tender of the old naira notes remained sacrosanct.

Ogundero encouraged Nigerians not to wait until rush hour to deposit their old notes, saying there would be no extension beyond Jan. 31.

“We have come here on the instruction of the CBN governor, Godwin Emefiele to sensitise the Olubadan-in-Council and seek their valuable support for the newly redesigned Naira notes.

“We are also using this occasion to reaffirm that the Jan. 31 deadline for the legal tender of the old naira notes remains sacrosanct.

“These new notes are available in the ATMs and there is no limit for the amount of deposit and no charge or charges for the deposit made by bank customers,” she said.

The Olubadan said that some banks were still dispensing old notes in their ATMs, urging the CBN to ensure banks paid customers with new notes.

Oba Balogun, who spoke through the Otun Balogun of Ibadan, High Chief Tajudeen Ajibola, expressed readiness to sensitise and create more awareness on the part of Ibadan indigenes as well as residents.

Among those who joined the Olubadan in receiving the CBN delegation were Osi- Balogun, High Chief Gbadamosi Adebimpe; Osi-Olubadan, High Chief Eddy Oyewole; Ashipa-Balogun, High Chief Kola Adegbola and Maye-Olubadan, Senior Chief Lekan Alabi, among others. (NAN)(www.nannews.ng)

Edited by Idris Abdulrahman

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