The Director Financial System Strategy, Central Bank of Nigeria, Ibrahim Hassan, who disclosed this to journalists during an awareness visit to Gassol Local Government area, said the currency swap initiative was to help save communities who do not have access to bank to swap their old naira notes to the new notes.
Hassan explained that a similar CBN delegation led by Mr Jackson Imandi, the Deputy Director, were drafted to Karim Lamido Local Government Area of the state, just as delegations were also at different geopolitical zones of Taraba for the Naira swap exercise to ensure that those at the grassroots do not end up losing businesses and other means of livelihood, due to the inability to access the new currency before the January 31 deadline.
“Within seconds of getting information on our arrival and the reason for the visit, a long queue was created by residents to swap their old naira notes. “Many of them have no bank accounts and relied on the currency swap to keep their Hopes alive after the deadline. “Businesses were already beginning to shut down in some communities because owners were rejecting the old notes before the arrival of the CBN delegation,” he said.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
Why should they swap. Why not deposit? I am confused here.
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