Naira redesign: Central Bank of Nigeria assures deposit hike to protect unbanked Nigerians

The Central Bank of Nigeria (CBN) confirmed the increase in deposits in banks and emphasized the protection of Nigerians in the unbanked and underserved rural areas.

CBN’s Director of Institutional Communications, Mr. Ostia Nwanisobi, said in a statement that the major bank is pleased with the increase in currency deposits in the country following the announcement of the currency redesign.

The Central Bank of Nigeria is pleased to note the positive response of the banking public to this policy by increasing currency deposits via banks and other financial institutions.

“The Central Bank of Nigeria remains committed to the smooth implementation of the initiative to ensure it achieves its objectives of maintaining the integrity of domestic legal tender by reducing the large amount of cash outside the banking system and its use for criminal activities, reducing fraud, and promoting financial inclusion, among others.

A CBN spokesperson said the rural banking public can reach out to any CBN branch in 36 states of the union to inquire about their existing N200, N500 and N1000 banknote deposit options, among others.

He also said the agent locations are fully enabled for BVN registration, bank account/wallet opening, e-naira wallets, e-card distribution, and cash deposit, among others.

The statement indicated that the agents were given priority to enable them to deposit the cash collection through bank branches across the union.