Deadline For Old Naira Notes: Gov. Buni says 13 LGAs can’t access banking services, demands alternative means for Yobe

Deadline For Old Naira Notes: Gov. Buni says 13 LGAs can’t access banking services, demands alternative means for Yobe

Story from Sa’adatu MAINA, Damaturu

Governor Mai Mala Buni of Yobe State has on Sunday appealed to the Central Bank of Nigeria (CBN) to give alternatives to people of the state against the 31st January dateline for change of Naira notes.

Governor Buni said the appeal became necessary due to the lack of banking services in most parts of the state.

He explained that only four out of the 17 local government areas in the state have banks, making it difficult for people in the remaining 13 local government areas to access banking services.

READ ALSO: How not to redesign the naira, by Hassan Gimba

“Some of the banks with branches in the local government areas closed the branches at the peak of the Boko Haram security challenge but are yet to reopen despite the improved security in the state.

“The CBN should be considerate to provide special services to such areas with special needs to avoid making them victims and losing their money.

“The CBN and commercial banks should as a matter of urgent public interests deploy alternative services at their disposal to salvage the situation.

“As a regulatory body, CBN should also ensure commercial banks open branches in the local government council headquarters now that there is improved peace and security across the state,” he said.

READ ALSO: CBN insists January 31 is deadline for old notes amidst new notes scarcity

Governor Buni said the improved security in Yobe State and the North East generally makes it conducive for the banks to resume operations and open new branches in the local government council headquarters and other towns.

Buni expressed fears that until something urgent is done, many people may not be able to deposit the old notes with them.

“As a government, we made these observations earlier but the challenge is still there and needs the intervention of the Central Bank of Nigeria to save the situation”, Governor Buni said.

Neptune Prime recalls that on 23 November 2022, President Muhammadu Buhari unveiled the new naira notes of N200, N500, and N1,000.

During the unveiling, Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said the redesign is in line with the global practice to redesign and re-issue the naira between five and eight years, adding that the change will help security agencies monitor people making withdrawals at the counter to know how much was withdrawn and also monitor the usage of the money.

However, months after the unveiling, there have been growing concerns about the scarcity of the new naira notes in circulation. Some stakeholders also worry about the difficulties to access banking services in most rural areas of the country.

Regardless, the CBN Governor said there is no local government area in the country where there is no bank agent, adding that there are over one million points across the country where people can go and deposit the old notes.

Maintaining its stance despite the calls for an extension, the CBN insisted that old notes will cease to be legal tenders by January 31, 2023, and instructed Nigerians to deposit all the old N200, N500, and N1,000 banknotes in their possession before the January deadline.

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