Economy

CBN enlists support of Olubadan in advocacy for new naira notes, threatens sanctions for noncompliance

Newly redesigned naira notes.

The Central Bank of Nigeria (CBN) has enlisted the support of the Olubadan of Ibadanland, Oba Lekan Balogun, and the Olubadan-in-Council in its advocacy campaign for the newly redesigned naira notes.

The CBN’s sensitization train, which began in the popular Dugbe Market on Thursday, has visited major markets across the state and other important institutions.

According to Mrs. Olufolake Ogundero, the CBN Ibadan Branch Controller, the apex bank has disbursed enough of the redesigned notes to banks across the country.

She also warned that heavy sanctions would be imposed on any commercial bank that hoards or engages in any sharp practice on the newly introduced notes.

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

Mrs. Ogundero reaffirmed that this deadline remains sacrosanct and urged Nigerians not to wait until the last minute to deposit their old notes.

During the advocacy visit to the Olubadan’s palace, the branch controller said that they were there on the instruction of the CBN governor to sensitize the Olubadan-in-Council and seek their valuable support for the newly redesigned naira notes.

The Olubadan, speaking through the Otun Balogun of Ibadan, High Chief Tajudeen Ajibola, expressed readiness to sensitize and create more awareness among Ibadan indigenes and residents.

The CBN delegation was received by the Olubadan and other high-ranking members of the Ibadan community, including 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.

In conclusion, the CBN is taking a proactive step in ensuring the smooth transition of the new naira notes and has sought the support of key leaders in Ibadan to increase awareness and compliance among the public.

The Jan 31st deadline for the legal tender of old naira notes remains unchanged and the CBN will impose heavy sanctions on any bank or individual found engaging in any sharp practices.

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