The Central Bank of Nigeria (CBN) yesterday reiterated its commitment to the seamless implementation of the naira redesign project to achieve its fundamental objectives.
It also pledged to shield vulnerable Nigerians from any
negative impact that may arise from the execution of the project.
A statement by the Director of Corporate Communications,
Osita Nwanisobi, said the apex bank ‘is pleased to note the positive response
of the banking public to the policy through increased currency deposits across
banks and other financial institutions’.
Nwanisobi reiterated the CBN’s commitment to the seamless
implementation of the initiative ‘to ensure the achievement of its objectives
of preserving the integrity of the legal tender, by reducing the significant
amount of cash outside the banking system, and its use in criminal activities,
curtail counterfeiting, and promote financial inclusion, among others’.
While noting the progressive increase in financial access
points and alternative banking channels over the years, Nwanisobi said they
might not be evenly distributed.
He added: “In operationalising this initiative, the CBN has
been collaborating with relevant agencies and other stakeholders in the
financial system in its execution, particularly ensuring that vulnerable
citizens are not disenfranchised.
“Accordingly, the banking public in rural and/or underserved
areas may access CBN branches in the 36 states to enquire about options for
depositing their current N200, N500, and N1,000 notes, wallet/account opening
processes, financial access points, etc.
“Agent locations across the country have also been fully
enabled for BVN registration, opening banking accounts/wallets and e-Naira
wallets, electronic card distribution, and cash deposit, among others.
Due to the policy, the agents have also been accorded
priority to enable them deposit cash collections through bank branches across
the federation. The bank shall continue to monitor developments and issue
updates on the implementation of the Naira redesign policy as may be
necessary.”