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Naira redesign: CBN confirms rising deposits



Naira depreciates to N362.30 despite CBN’s $210m forex intervention

The Central Bank of Nigeria (CBN) has confirmed increased deposits in commercial banks across the country.

Ostia Nwanisobi, the CBN Director of Corporate Communications, disclosed this in a statement published on the CBN website on Monday.

According to Nwanisobi, the CBN is pleased with the increased currency deposits in the country following the currency redesign announcement.

“The CBN is pleased to note the positive response of the banking public to the policy through increased currency deposits across banks and other financial institutions.

“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,” he said.

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Meanwhile, the CBN has assured on protecting Nigerians in unbanked and underserved rural areas.

The CBN spokesman said the banking public in rural areas could access any CBN branch in the 36 states to inquire about options for depositing their current N200, N500, and N1,000 notes, among others.

He also said agent locations were fully enabled for BVN registration, opening banking accounts/wallets, e-naira wallets, electronic card distribution, and cash deposit, among others.

The statement noted that the agents have also been accorded priority to enable them to deposit cash collections through bank branches across the federation.

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