CBN assures that Naira redesign would not disenfranchise vulnerable Nigerians

As the timeline for resigning some Naira notes, the Central Bank of Nigeria (CBN) has given an assurance that vulnerable Nigerians, such as the unbanked, underserved and rural dwellers would not be adversely affected.

The apex bank gave a the assurance via a statement signed by the Director of Corporate Communications, Osita Nwanisobi.

To this effect, the apex bank said that it had been collaborating with relevant agencies and other stakeholders in the financial system to ensure that vulnerable citizens were not disenfranchised.

It noted that some progress had been as there had been increased currency deposits across banks and other financial institutions in the country.

The statement read, “The CBN remains committed to the seamless implementation of the initiative to ensure the achievement of its objectives to preserve the integrity of the local legal tender by reducing the significant amount of cash outside the banking system and its use in criminal activities, curtail counterfeiting, and promote financial inclusion, amongst others.

“Whilst noting the progressive increase in financial access points and alternative banking channels over the years (electronic/internet banking, mobile apps, ATM, Cards/PoS, eNaira, agent banking, etc.), the Bank acknowledges that these may not be evenly distributed across all geopolitical zones and in some rural areas.