“We have been rated the poorest state in the country while our farmers and traders control billions of Naira.”
The Central Bank of Nigeria (CBN), Sokoto office has urged traders in Sokoto central market to take advantage of the time frame in depositing their old naira notes before the due date.
The comptroller of the Central Bank of Nigeria in the state, Dahiru Usman, said the new Naira redesign takes the country over fifteen years after the last exercise.
The CBN Comptroller in Sokoto said keeping money in banks would reduce the prices of Commodities, corruption and other financial crimes.
He noted that the old naira notes would seize to exist by January, 31st, urging the stakeholders to ensure their old naira notes were taken to the bank for replacement.
He also urged them to embrace the e-Naira system for easy transactions.
He explained that the time frame expected globally for the new Naira notes redesigned is between five to eight years.
He however urged traders in the state to make use of the opportunity of the few days remaining by depositing all the old Naira notes in their possession.
Meanwhile, the Director, Orientation of the National Orientation Agency, Nasiru Lawal, has disclosed the failure of the majority of Sokoto traders to embrace the banking system as the reason behind tagging the state as the poorest state.
Lawal made the observation at the sensitization of stakeholders on new Naira notes convened by the Central Bank of Nigeria at the Sokoto central market.
“We have been rated the poorest state in the country while our farmers and traders control billions of Naira.
“The issue is that we don’t keep our money in banks which is one of the criteria used in making the ranking,” he said
He also lamented that millions of Naira in cash were being lost annually to market inferno in the state.
“This is because our traders save their business proceeds in their shops despite having some banks’ branches close to the market”
al, states and local governments, as well as Ministries, Departments and Agencies (MDAs)…
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