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Business News of Friday, 27 January 2023


CBN begins old naira notes swap in Sokoto

CBN Governor, Godwin Emefiele CBN Governor, Godwin Emefiele

The Central Bank of Nigeria branch in Soko State has commenced swapping old naira notes for new notes for residents of the state in order to ease their stress.

The exercise was launched in Wamakko and Gwadabawa Local Government Areas respectively on Thursday with residents of the two LGAs expressing satisfaction over the exercise.

Speaking in Wamakko LGA, the Sokoto CBN brach Controller, Dahiru Nakazalle Usman, said the apex bank began the exercise in order to ease the stress being encountered by residents of the state in accessing new notes.

He said the exercise was targeted at the rural area where most residents do not have banking facilities.

Usman further explained that each beneficiary is expected to swap a maximum of 10,000 naira on daily basis throughout the duration of the programme.

He further disclosed that the exercise is expected to cover the whole 23 local government areas in the state before the end of the month when the old notes will cease to be legal tender.

Also speaking, the district head of Wamakko LGA, Alhaji Aliyu Barde, lauded CBN for the gesture, which he said, would ease the stress of his people in the local government.

He called on residents of the local government, especially traders to desist from rejecting old naira notes from customers, saying it is a punishable offence under the law

He, however, appealed to those who benefited from the gesture to ensure the new notes circulates within the local government for the benefit of others.