Naira Design: Customers ask CBN to extend deadline for cash deposits

Recall the CBN had announced it would be phasing out some old notes and in turn, would introduce new and redesigned notes into the system.

According to the apex bank, customers have until the end of January 2023 to return all old notes in their custody to the banks.

In a statement made to Vanguard on the development, the president of the Bank Customers Association of Nigeria, Dr Uju Ogubunka commended the resolve of the apex bank in making the decision. Ogubunka stated that it was in the best interest of the country and also, CBN's mandate to carry out such policies.

The BCAN president however, added that the CBN should carry on with the process without inconveniencing the customers.

Speaking further, Ogunbunka maintained that the CBN should follow up with proactive actions that will critically assess the expected chaos that may ensue as there may be a rush as customers would want to beat the deadline date.

Since the news about the redesign of the Naira broke, some customers have expressed mixed feelings about the update.

Some have queried the FG's decision wondering how it will improve the ailing economy while some have hailed the decision as it has been seen as a strong-willed action against vote buying and cash hoarding by politicians.

While giving the nod on the project, President Buhari had noted that the aim of the Naira redesign was to curb cash hoarding and vote buying by politicians, ransom payment by kidnappers and other unwholesome financial practices.

The BCAM president therefore appealed to the FG to scrutinize the earlier released timeframe for the exercise to ensure it is adequate enough and avoid inconveniencing the customers.