According to CBN, the new naira will stop inflation and corruption.

The Central Bank of Nigeria CBN has guaranteed that the new naira notes will reach every corner of the nation before the deadline of January 31, 2023.

Many stakeholders have requested the CBN to extend the January 31 to June 30, 2023 timeframe for the phase-out of the old N1,000, N500, and N200 notes, but the central bank has stuck to its guns on the matter.

The CBN Acting Branch Controller in Ondo State, Mr. Giwa Ademola, stated that the goal of the sensitization was to educate the public about the newly redesigned naira notes while speaking to market men and women at the event on Wednesday at the Oja Oba Market in Akure, the capital of Ondo State.

Ademola continued by saying that the event was also planned to educate people on the need of depositing old notes before to the deadline.

“The benefits of the currency redesign to the Nigerian economy are considerable given that this policy will aid in controlling inflation, as the process will bring the hoarded cash into the banking system, so improving the effectiveness of monetary policy,” he stated.

We will have considerably more reliable statistics on the money supply and monetary aggregates, which will also aid in the better design and implementation of monetary policy.

Statistics reveal that N2.72 trillion of the $3.26 trillion in money in circulation as of June 2022 was allegedly kept by the general populace outside the vaults of commercial banks located throughout the nation. According to this figure, just 15.29% of the cash in circulation is stored in vaults owned by the central bank and commercial banks, meaning that 84.71 percent of it is out in the open.

“We think that this activity would contribute to broader financial inclusion, the development of a cashless society, and the formalization of the Nigerian economy.

The currency redesign will help in the battle against corruption since it will limit the use of larger bills for corruption and make it easier to follow the flow of such cash via the banking system.

There is no cap on the amount that a customer can deposit between now and January 31, 2023, thus the CBN governor asked Nigerians to make sure that they deposit cash with them at their commercial banks.

Ademola cautioned the general population to investigate other payment channels for their economic operations, such as eNaira, the Point of Sales, electronic transfer, the USSD, Internet banking, and mobile money providers and agents.