CBN starts exchanging old naira notes in Sokoto
To reduce citizens’ tension, the Central Bank of Nigeria branch in Soko State has started exchanging old naira notes for fresh ones.
On Thursday, the program was officially begun in the local government areas of Wamakko and Gwadabawa, respectively. Residents of the two LGAs expressed their delight with the activity.
Dahiru Nakazalle Usman, the Sokoto CBN brach Controller, said the exercise was started to relieve the tension that state citizens were experiencing when trying to acquire new notes while speaking in Wamakko LGA.
He claimed that the exercise was intended for rural areas, where the majority of citizens lack access to banking services.
Usman added that for the course of the program, each recipient is expected to exchange a maximum of 10,000 naira daily.
He added that by the end of the month, when the old notes will no longer be accepted as legal cash, the exercise is anticipated to reach all 23 local government areas in the state.
Alhaji Aliyu Barde, the district chief of Wamakko LGA, also spoke and praised CBN for the action, saying that it will reduce the tension on his constituents in the local government.
He urged locals, especially business owners, to stop turning away old naira notes from consumers, claiming that doing so is illegal and punishable by law.
