CBN: Any bank that failed to pick up its new Naira notes will be fined N1m per day

In a bid to push into the circulation the new Naira notes, the Central Bank of Nigeria, CBN, has issued a warning to all commercial banks in the country that any of them that failed to pick up its new currency for distribution will be fined N1 million per day.

The apex bank’s Deputy Director, Research, Osun state branch, Adeleke Adelokun, made this disclosure while sensitising traders on the need to embrace the new currency and return old ones to banks, at Ayegbaju Market in Osogbo on Friday.

According to him, “the 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 sanction on the bank with a fine of N1 million per box per day, depending on the number of days .

“We also mandated the banks to put new naira notes in their ATMs all over Nigeria so that Nigerians will have access to the new Naira Notes.”

In her address, representative of the branch controller, Modojemu Ajuma said the naira redesign policy is aimed at controlling inflation.

She added that the exercise will bring the hoarded currency into the banking system, thereby making monetary policy more effective.

“The currency redesign would assist in the fight against corruption as the exercise would rein in the higher denomination used for corruption, and the movement of such funds from the banking system could be tracked easily,” she added.

Staff Writer

Leave a Reply

Your email address will not be published. Required fields are marked *

Next Post

VIDEO: What Ghanaian Cleric, Dr. Kwadwo Bempah said about Peter Obi

Sun Jan 22 , 2023
The Senior Pastor of Holy Chapel Assemblies of God, Accra, Ghana, Rev. Dr Kwadwo Bempah has said if everybody in Nigeria were to be sane, someone like Peter Obi, the Labour Party presidential candidate would been ceremoniously accepted as the next president of the Nigeria without stressing the electioneering process. […]

You May Like