Economy

Don’t reject old naira notes before deadline – CBN warns

By Dayo Adu

The Central Bank of Nigeria, CBN, has cautioned supermarkets and commercial outlets to desist from the indiscriminate rejection of old naira notes before the January 31st deadline.

The Branch Controller, CBN, Ibadan Zone, Mrs Olufolake Ogundero gave the caution in an interview with a Radio Nigeria correspondent.

Mrs Ogundero who frowned at some commercial outlets reportedly declining transactions with the old naira notes noted that the act violated the CBN cash policy as it remained a legal tender till the deadline date.

The apex bank chief explained that it had carried out sensitisation to the residents on the return of old naira notes across the zones of Oyo State to ensure that none is left out in the CBN policy.

Also speaking, a Deputy Director at the CBN in the zone, Mr Taiwo Oladimeji hinted that the apex bank had kick-started its cash swap initiative to enable the rural dwellers who have no bank account to exchange their old naira notes before the deadline.

Mr Oladimeji explained that designated agents were contracted and deployed to rural communities so as to meet the desires of targeted groups.

Dayo Adu

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