New Naira Notes Will Come in Use in September

New Naira Notes Will Come in Use in September
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Mr. Tunde Lemo the Deputy Director, Operations of Central bank of
Nigeria (CBN), has actually stated that pinnacle financial institution
will take delivery of brand-new naira notes before the end of September
for circulation.
The CBN had previously stated that brand-new naira notes would certainlyhttp://gsoulimage.blogspot.com/
be in circulation by June, and that the smaller sized denomination notes
(N5, N10, N20, and N50) would certainly be reprinted on paper.

He said. "Everyone will certainly obtain a large quantity of the new notes

to replace the aged and mutilated notes, especially the higher
denomination notes in the very first instance, after that later the lower
denominations.".

Lemo condemned commercial banks for what he called poor circulation"
which is causing the shortage of the reduced denomination notes, "For the
reduced denomination; well, I believe the financial institutions are
really the ones that are truly not enabling the lesser denomination in
flow, mostly, due to the offering worth.

" Many individuals do not require small denomination. For buying things in
the market, if you look at the true position, you find out that the N50 spread
faster than the smaller sized ones," he stated.
Lemo has desired law enforcement agencies to round up all unlawful hawkers
of brand-new naira notes and the commercial banks to keep watchful eyes
on their personnel to avoid being made use of as avenue for unlawful
transfer of new notes to unwarranted hands.

Lemo said this needs to be done to ensure effective security of the money
from abuse.
"" We have actually done all we could do in the feeling that we have
criminalised this in the 2007 Act.
It is clear that if you hawk notes, if you abuse the money, it is a
criminal offense and it is culpable.

We expect law enforcement agencies to do the arrest. We do not have power
to round up. We understand it is taking place,"he said.

Lemo pointed out business financial institutions ought to dispense and pay
their customers with brand-new notes".

He said the peak bank had performed sensitisation projects to educate the
public and caution them about the threats of patronizing hawkers.