CBN Advises Customers to Avoid Bank Queues, Visit PoS Agents

The Central Bank of Nigeria has urged bank customers not to panic ahead of the January 31, 2023 deadline for the circulation of old N200, N500 and N1,000 notes.

CBN’s Director of Internal Audit Department, Lydia Alfa, speaking in Yola, the Adamawa State, urged depositors to patronise bank agents and Point Of Sale operators instead of waiting in long queues at bank premises.

Alfa, who was on the CBN’s compliance drive to Adamawa State, while answering questions from journalists, said the apex bank had a robust strategy in place to ensure the successful mopping up of the old notes into its coffers.

She frowned at rejecting the old notes ahead of the due date of February 1, 2023, describing those rejecting them now as saboteurs.

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Alfa said, “Let me start by saying that the bank has made it clear that those three denominations would cease to be legal tenders after 31st of January this year. What I mean is that they’ll continue to be legal tenders, they’ll continue to be expendable and to be used as medium of exchange.

“Therefore, anyone saying I’ll not accept the old design notes is contravening in one way or the other. As far as today is concerned, the old N1,000, N500 and the old N200 notes are still legal tenders and should be accepted by the public.

“Now, where there are no physical banks, you obviously have the super agent, they’re like agent-banker, they’re also representatives in one form or the other to enable easy payment or transaction. What CBN has done is to ensure that these super-agents get these new notes, and you can go there.”

She assured that banks had been mandated by the CBN to give PoS operators and agents, across the 21 local government areas of Adamawa State enough new notes.

Our reporter learnt that, the bank, in line with this directive, has begun the release of N500,000 to accredited POS operators, to increase the volume of new naira notes in circulation in the state.

On his part, the CBN Yola Branch Controller, Sanusi Sah, assured depositors that there was enough time for them to have the desired exchange.

He added that both CBN and all commercial banks had been mandated to work on Saturdays in order to cater to the needs of customers.