CBN to fine banks N1m per day for not picking new naira notes

• Published date: 21 January 2023
• Publication title: Nigeria - The Nation

Bank insists on January 31 deadline, to release more new notes

Currency weakened by inflation, redesign - NESG

The Central Bank of Nigeria (CBN) has commenced punitive measures on commercial banks by fining them N1million per day for each box of new naira notes they refused to pick and disbursed to their customers ahead of the 31st of January 2023 deadline.

The CBN leadership made this known on Friday during a sensitisation programme organised for Osun market women at Ayegbaju market to acquaint them with the new Naira notes of N200, N500 and N1000.

Speaking at the event, the Deputy Director, Research, CBN, Adeleke Adelokun disclosed that CBN had printed enough new naira notes, however, banks refused to pick them up.

According to him, 'CBN has printed enough new naira notes but we discovered that most of the banks have not collected the money. When we discovered that they refused to collect the new naira notes, we put sanctions on the bank with a fine of N1million per box per day depending on the number of days.

'We also mandated the banks to put new naira notes in the ATM machines all over Nigeria so that Nigerians will have access to the new Naira Notes.'

Meanwhile, the Branch Controller of CBN, Osogbo branch, Madojemu Daphne who was represented by Adebayo Omosolape disclosed that Nigerians hoarded the old naira notes to the tune of N2.7 trillion.

Bank insists on January 31 deadline, to release more new notes

The Central Bank of Nigeria (CBN) has insisted that the old naira notes of N200, N500 and N1,000 will cease to be legal tender after January 31.

The Kano Branch Controller, CBN, Alhaji Umar Ibrahim Biu, refused pleas from Nigerians to extend the deadline.

'The old naira notes will cease to be legal tender by January 31, 2023. Pay in your old banknotes to beat the rush,' he said.

The branch controller spoke during the apex bank's sensitisation tour of the new naira notes in Kano metropolitan markets.

The sensitisation of the new banknotes was held in Wapa Bureau De Charge Market, Galadima, Sabon Gari, Kwari and Kofar Wanbai markets, organised principally for traders.

Ibrahim disclosed that the new naira notes have been produced enough for distribution to all the commercial banks in the country.

He threatened to slam sanctions on commercial banks hoarding the newly designed banknotes.

Reacting to complaints that the Automated Teller Machines (ATMs) were still dispensing the old naira notes, the CBN branch controller said the CBN has sent its staff to inspect bank's...