Naira Redesign: CBN Records Higher Deposits, Pledges to Protect Unbanked Nigerians

The Central Bank of Nigeria (CBN) has confirmed higher deposits in banks and promised to protect Nigerians in unbanked and underserved rural areas from incurring loses.

The CBN Director, Corporate Communications, Mr Ostia Nwanisobi, in a statement, said the apex bank was pleased with the increased currency deposits in the country following the currency redesign announcement.

“The CBN is pleased to note the positive response of the banking public to the policy through increased currency deposits across banks and other financial institutions.

He said, “CBN remains committed to the seamless implementation of the initiative to ensure the achievement of its objectives to preserve the integrity of the local legal tender by reducing the significant amount of cash outside the banking system and its use in criminal activities, curtail counterfeiting, and promote financial inclusion, amongst others”.

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The CBN spokesman said the banking public in rural areas could access any CBN branch in the 36 states of the federation to enquire about options for depositing their current N200, N500, and N1,000 notes, among others.

He also said agent locations were fully enabled for BVN registration, opening banking accounts/wallets, e-naira wallets, electronic card distribution, and cash deposit, among others.

The statement added that, the agents have also been accorded priority to enable them to deposit cash collections through bank branches across the federation.