New Naira Notes need Awareness for acceptability

The Central Bank of Nigeria has been advised to work to enlighten Nigerians with the required information about the New Naira Notes and its features to aid its acceptability as a Legal Tender.

The Chief Executive Officer of the Cowry Asset Management Limited, Johnson Chukwu was reacting to viral videos of Nigerians who have refused to accept the new notes.

He added that the Central Bank of Nigeria has not done anything to put the required information out there for Nigerians to know what is new about the new Notes aside the Colour which is the most striking physical change in the notes.

He disclosed that if the bank puts out the necessary information about the notes, Nigerians will know how to identify the notes and accept it following reports of its counterfeiting across parts of the Country.

He disclosed that the current situation of the new notes being rejected is understandable with no information whatsoever from the Central Bank of Nigeria and the National Orientation Agency.

He said people rejecting the notes are just doing what they believe is right by protecting their interest and capital.

He urged the Central Bank of Nigeria to embark on a public awareness campaign to explain the features of the new notes to Nigerians to expand its acceptability.

He disclosed that this will help people in recognising the fake and original notes and aiding its acceptability.

On whether the new policy will help in reducing notes in circulation, he said the news notes will not give government the Control that people expect.

He said what the Policy will do is to ensure that Government has more access to peoples income and enhance government’s ability to improve revenue through Taxes.

He said the Tax authorities will have access to one’s revenue and are able to give a proper account of what an individual can and should pay.

He described the current cash based transactions in the country as a means of circumventing the Banking System and denying government revenue.

He described the Policy as one that will help the government to do better in terms of Revenue collection especially Tax.

On the numerous bank charges on people’s accounts, he said most charges that people currently pay in Nigeria are nothing but over charging that a strong consumer advocacy will remove without any issues.

He called for the removal of the VAT and Other charges on banking transactions positing that they are inimical to Business development and Operations by eroding operations capital of businesses especially for Small and Medium Scale Enterprises.