The Central Bank of Nigeria (CBN) has begun punitive measures against commercial banks, fining them N1 million per day for each box of new naira notes they refuse to pick and distribute to their customers before the deadline of January 31, 2023.
The CBN leadership announced this on Friday during a sensitization program for Osun market women at Ayegbaju market to introduce them to the new Naira notes of N200, N500, and N1000.
Adeleke Adelokun, CBN’s Deputy Director of Research, stated at the event that the CBN had printed enough new naira notes, but banks refused to accept them.
“The CBN has printed enough new naira notes, but we discovered that most banks have not collected the money,” he said. When we discovered that they refused to collect the new naira notes, we sanctioned the bank with a N1 million fine per box per day, based on the number of days.
“We also directed banks to place new naira notes in ATM machines across Nigeria so that Nigerians could access the new naira notes.”
The Central Bank of Nigeria (CBN) has stated that the old N200, N500, and N1,000 naira notes will no longer be legal tender after January 31.
Alhaji Umar Ibrahim Biu, the Kano Branch Controller of the Central Bank of Nigeria, has refused to extend the deadline.
“By January 31, 2023, the old naira notes will no longer be legal tender. “Pay in your old banknotes to avoid the crowds,” he advised.
The branch controller spoke during the apex bank’s sensitization tour of Kano metropolitan markets for the new naira notes.
The new banknotes were sensitized in the Wapa Bureau De Charge Market, Galadima, Sabon Gari, Kwari, and Kofar Wanbai markets, which were primarily organized for traders.
Ibrahim stated that enough new naira notes have been produced to be distributed to all commercial banks in the country.
He threatened commercial banks that were stockpiling the newly designed banknotes with sanctions.
In response to complaints that ATMs were still dispensing old naira notes, the CBN branch controller stated that the CBN had sent its staff to inspect bank ATMs to determine those still dispensing old notes for questioning.
He stated that traders have the authority to report any bank found hoarding new naira notes or charging customers before allowing them to deposit old naira notes.
“You have the right to report any bank found hoarding the new naira notes or refuse to collect your old naira notes before the 31st January 2023 deadline.
“Until the deadline of January 31, 2023, no bank should refuse to collect old naira notes,” he said.
He told the audience that the CBN has directed commercial banks to stop paying new naira notes over the counter, except through ATMs, as part of efforts to curb customer favoritism toward the new currency.
“CBN agents are going around to make sure banks follow the directive of dispensing the new notes through ATMs,” he assured.
He stated that there is no limit to the number of old N200, N500, and N1,000 banknotes that can be deposited in an account.
He stated that the sensitization was intended to educate traders on the importance of depositing old notes before the deadline in order to avoid losses.
He said that the new naira bills were made to fight corruption, stop inflation, and help the economy of the country.
