The Central Bank of Nigeria (CBN) says it would protect Nigerians in unbanked, underserved rural areas in the country.
The CBN had on October 26 announced plans to redesign and release new N100, N200, and N500 notes with effect from December 15, 2022.
The apex bank further advised Nigerians to deposit their old currency notes in banks across the country as they would cease to be legal tenders beginning from February 1, 2023.
CBN’s Director of Corporate Communications, Osita Nwanisobi, said Nigerians have begun complying with the order with increased currency deposits across banks and other financial institutions.
In a statement on Monday, November 14, Nwanisobi acknowledged the uneven distribution of alternative banking channels across the country.
“The CBN remains committed to the seamless implementation of the initiative to ensure the achievement of its objectives to preserve the integrity of the local 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, amongst others,” the statement read.
“Whilst noting the progressive increase in financial access points and alternative banking channels over the years (electronic/internet banking, mobile apps, ATMs, cards/PoS, eNaira, agent banking, etc.), the Bank acknowledges that these may not be evenly distributed across all geopolitical zones and in some rural areas.”