CBN commits to protecting unbanked Nigerians

Central Bank of Nigeria CBN, has reaffirmed its commitment to protect the interests of millions of unbanked and underserved Nigerians, who mostly reside in rural areas. The apex bank made this known on in a statement, signed by its Corporate Communications, Director Mr. Osita Nwanisobi, in the context of the planned redesign of certain Naira denominations. Nwanisobi expressed his satisfaction with the positive response of the banking public to the plan. He said the CBN remains committed to its smooth implementation, in order to preserve the integrity of the Naira cash volume outside the banking system.

“The CBN is pleased to note the positive response of the banking public to the policy through the increase in currency deposits in banks and other official institutions. The CBN remains committed to the seamless implementation of the initiative to ensure the achievement of its goal of preserving the integrity of the local legal tender. This will get a significant amount of cash out of the banking system and its use for criminal activities, restricting counterfeiting and promoting official listing,” he said.Nwanisobi said that CBN was taking steps to ensure that vulnerable Nigerians do not suffer adverse hardship due to the Naira redesign initiative.

“As a result, the banking public in rural and underserved areas can access CBN branches in all 36 states for inquiries. They can inquire about the options to deposit their current N200, N500 and N1,000 notes, the account opening process and official access points,” he said. According to him, “agent locations” across the country have been fully enabled for Bank Verification Number registration, opening bank accounts and eNaira wallets, e-card distribution, and cash deposit. “Due to policy, agents have also been given priority so they can deposit cash collections through bank branches across the country. The CBN will continue to monitor developments and will issue updates to the banking public on the implementation of the Naira redraft policy as necessary,” it said.