When the Central Bank of Nigeria took its sensitization tour to Balogun Market on Tuesday, Mr. Koyor Baribokola—who is in charge of control at the CBN's Lagos branch gave his assurance.
He said the central bank initially had a problem because people were not depositing old currency bills, but that this changed as time passed and more citizens began to deposit their notes.
“We are having much deposits now; this gives us the confidence to push more new notes into circulation and into the economy.
“We are making them available to you and you will have them if you haven’t had them before. Please have the assurance that you are going to have them.
“We pushed out a lot last week and today we are continuing with it, part of the meeting was what delayed my coming out here.
“We set a date for the deadline for the complete change over that is Jan. 31, and for now, that stands. We have not extended or changed the time.
“So, between now and the Jan. 31, all the old 1,000, 500 and 200 notes you have in your possession, bring it to the bank and then take new ones,” Baribokola further added.
He urged stakeholders to be the apex bank’s "mouthpiece," spreading its message so that people would know about it, and asked them to protect the new notes from damage.
“Please have the assurance that the new naira notes were redesigned in the interest of all Nigerians including you so that you have them and you enjoy spending them and keep them safe, and as much as possible, try and also do electronic transactions.
“We encourage people to use our e-channels to do transfers, to spend, to buy and to do all that you need to do to share with your friends and your families,” he added.
The Chairman of the Union Homes Success Market, Oloyeola Bisi Balogun, credited the apex bank for beginning its campaign to educate traders by reinforcing basic economic principles.
She recommended that the bank conduct more campaigns to increase awareness of the new notes among low-income communities.
She says that many people have yet to see the new notes. "Let them relate more with the grassroots," she adds, "because most people at those levels are still unfamiliar with the banknotes."
“The CBN has tried to improve the economy through the redesigned notes but we all know that in Nigeria when something is introduced newly, there’s bound to be complaints.
“We also had the same complaints when the old notes that we are used to now, were first introduced,” she said.
Mr Amos Adamu, a dealer in suitcases who saw the new notes for the first time, said “I have never seen these notes before. If they can help Nigeria become a better place for the masses, I support them."
“Because changing these three denominations will affect the poor because many do not have bank accounts to go and deposit the old notes.”
Mrs. Rebecca Ukachi, a trader, said she disliked the new notes because they looked like fake money—but would collect them whenever customers brought them to buy goods from her.
she said “Let us be sincere, the new notes look fake but I do not have an option, I will collect it because it is legally acceptable, but I still prefer the old notes because of the quality.”
