• Business - Economy
  • Updated: March 29, 2023

Why We Introduced New Naira Notes — CBN

Why We Introduced New Naira Notes — CBN

The Central Bank of Nigeria (CBN), through the banker's committee, has revealed that the introduction of new naira notes is important towards dealing with the challenges faced by Nigeria's currency management. 

This was disclosed by the Chairman of the Committee, Alhaji Muhammad Hamisu, on Tuesday in Kano during a sensitisation visit to the Emir of Kano, Alhaji Aminu Bayero.

"We are here to pay homage to you and then continue with other places and markets to sensitise them.

"We believe that this exercise will help in increasing financial inclusion, moving towards a more cashless economy, and ensuring greater formalisation of Nigerians.

"The new notes became necessary because currency management in Nigeria is faced with several challenges, therefore, we encourage the public to explore other payment channels such as eNaira, POS, electronic transfer, Internet and mobile banking."

Bayero, the Emir pledged support to the sensitisation programme and appealed to the apex bank to increase cash circulation.

He added that the CBN needs to expand its outreach in rural communities on the cashless policy for the benefit of underprivileged persons.

"Whatever policy we want to introduce must take a gradual process.

"As traditional rulers, that's our concern. You should keep on sensitising the people on the cashless policy."

He also urged telecommunication companies and other service providers to upgrade their networks to ease the sufferings of Nigerians.

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