Old naira: CBN advises traders to embrace use of POS to beat deadline

The Central Bank of Nigeria (CBN) has advised market traders and business operators in Kwara to embrace the use of Point of Sale (POS) machines for transactions in order to beat the rush for old Naira notes submission deadline.

Mr Najim Lamidi, the CBN’s Ilorin Branch Controller, gave the advice on Day Two of the sensitisation programme on redesigned Naira notes of N1,000, N500, and N200 among traders in Ilorin on Friday.

He stated that doing so would encourage cash management and reduce the security risks associated with holding physical cash in business transactions.

The CBN governor also advised traders to discourage their customers from paying for goods with cash and to spread the message among their colleagues.

Lamidi further cautioned the traders to note that some of their customers may want to dump old Naira notes with them after expiration of the Jan. 31 deadline.

He said that the apex bank would not extend deadline on the redesigned notes beyond Jan. 31, 2023, and urged the traders and other members of the public to take their old Naira notes to banks or POS agents.

The CBN boss explained that the rationale for the redesign of Naira notes was that data had shown a large volume of banknote hoarding by the public, which led to a shortage of clean and fit banknotes.

The Iyaloja of Mandate market, Alhaja Funmilayo Baba-Kobi, promised to spread the message among members in the markets.

The News Agency of Nigeria (NAN) reports that the sensitisation programme was attended by market leaders and traders from Sawmill, Mandate, Awodi, Lasoju, Ipata and Eyenkorin markets.

The CBN team also took the sensitisation campaign to members of the Christian Association of Nigeria (CAN) and Federation of Muslim Women Association (FOMWAN) in Ilorin. (NAN)