Old Naira Notes: CBN Urges Traders To Embrace Use Of POS To Beat Deadline

As a way of beating the old naira notes submission deadline, the Central Bank of Nigeria (CBN) has advised market traders and business operators in Kwara to embrace the use of Point of Sale (POS) machines for transaction.

Najim Lamidi, CBN Ilorin Branch Controller, gave the advice at the Day Two of the sensitisation programme on redesigned Naira notes of N1,000, N500 and N200 among traders in Ilorin on Friday.

He said that doing such would encourage cash management and reduce security risks of holding physical cash in business transactions.

He also urged the traders to discourage their customers from paying for goods with cash, saying that they should spread the message among their colleagues.

Lamidi further cautioned the traders to note that some of their customers may want to dump old Naira notes with them after expiration of the January 31 deadline.

He said that the apex bank would not extend deadline on the redesigned notes beyond January 31, 2023, and urged the traders and other members of the public to take their old Naira notes to banks or POS agents.