Economy

CBN to Sanction Banks Dispensing Old Naira Notes

Central Bank of Nigeria has called on commercial banks customers in Ogun state to make formal complaint of non issuance of redesigned naira notes by any bank Automated Teller machines.

Such bank according to the apex bank would be adequately sanctioned with laid down rules.

Abeokuta branch controller of Central Bank, Mr. Wahab Oseni made the call while addressing market men and women at Awolowo Market in Sagamu, during a sensitisation campaign of the bank on the redesigned naira notes.

The central bank branch manager who noted that ninety five percent of commercial banks in already visited areas of the state were dispensing the redesigned Naira notes advised customers to report erring banks at the state central bank office in Abeokuta.

Mr. Oseni stated that the policy was not aimed at punishing any group of people but to allow redundant cash to be injected into the economy.

He advised the people not to reject the old currency until the last hour of 31st of this month.

During the sensitisation, Officials of Central Bank explained to market men and women, the essence of redesigning the three denominations of two hundred, five hundred and one thousand naira and urged the traders to return the old notes to banks.

The officials also encouraged people to embrace keeping their money in the bank for and advised market men and women to form cooperative groups to enable easy deposit of the old bank notes at the commercial banks.

The Iyaloja of Awolowo Market, Sagamu, Chief Esther Oshinusi, said the traders were prepared to comply with central bank directives on the redesigned naira notes.

One of the traders, however pleaded with the central bank of Nigeria for the extension of the deadline for the phasing out of the old naira notes.

The Central Bank officials during the sensitisation acknowledged and commended the Awolowo Market traders for high level of cashless transactions occasioned with volume of point of sales machines within the market.

Wale Oluokun

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