Central Bank of Nigeria (CBN) has intensified monitoring of banks to ensure compliance on availability of the New Naira notes.
The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele who was represented by the Director of Legal Service Department of CBN, Mr Kofo Salam Alada stated this during sensitisation campaign program at Ikeja Market Computer Village in Lagos on Wednesday, that redesigning of new Naira notes will help to control inflation and to exercise our currency into the banking system thereby making monetary policy more effective and where this money is available with the bank, “the bank can easily make loans to the market to grow your businesses.”
He said the reason why we need support is to ensure that many businesses expand which help with better design and implementation of monetary policy as without the need to have more accurate data of what is supply and monetary aggregates.
According to him, he said we believe that this exercise will actually help to increase international moving towards a more cashless economy and ensuring greater formalization of the Nigerian economy currency just a few years with National Policy Making footprint in Nigeria.
He explained further according to the statistics made available by the Central Bank showed that N2.72 trillion out of N3.26 trillion currencies in circulation as of June 2022 are outside the country, this means 84.7 per cent of currencies are outside the country, only 16.29 per cent of Central Bank and Commercial bank are in Nigeria.
He said the job of Central Bank around the world is to ensure that prices are actually moderating, to ensure legal tender currency in Nigeria; maintain external reserves to safeguard the international value of the legal tender currency; promote a sound financial system in Nigeria; and also to act as Banker and provide economic and financial advice to the Federal Government by doing this the supply of money will moderate very well.
He added that the worsening thing we need to be vigilant that counterfeit our currencies as we have found out from central security report also become need for us to take a step.
The redesigned currencies were unveiled by President Muhammed Buhari on November 23rd 2023 in order to control the amount of currency in circulation, manage inflation and combat counterfeiting.
“By January 31, 2023 all naira note that we have in collection we actually seize because they are in plan.”
He mentioned that “we need to watch out of this market in future, any market that will succeed to the future of Nigeria need to be watched.
“The program comprises of many market men and women which enable them to ask questions concerning the challenges they are facing in terms of deposit, withdrawal either through ATM or POS, Banking agent, eNaira and others.”