The Central Bank of Nigeria has assured that the introduction of the redesigned new Naira notes would help check the spiraling inflation in the country.
Director of the Financial Markets Department of the Bank, Dr Angela Sere-Ejembi made this known when she led officials of the bank on a sensitization campaign in Makurdi markets on the redesigned Naira notes and the urgent need for traders and their customers to return the old notes to commercial banks.
Represented by Mr. Demenongu Yanfa, a Deputy Director in the Bank, Dr Sere-Ejembi noted that since January 31, 2023, was the deadline for the withdrawal of the old 200, 500 and 1000 Naira notes, there was the need for the people to take advantage of the remaining days to lodge their old notes in banks.
She said the redesigned new notes would also help the Central Bank of Nigeria properly monitor the volume of money in circulation in the country and also check the rising inflation in the country.
Meanwhile, as part of concerted efforts by the CBN to enable rural dwellers and those with limited access to formal financial services to exchange their old Naira notes, the apex bank would today launch the Cash Swap Programme in partnership with Super Agents and Deposit Money Banks.
