Banks to pay 1m per day for refusing new naira notes – CBN

By Adenitan Akinola

The Central Bank of Nigeria, CBN, is to impose a one million naira fine on commercial banks per day for each box of new naira notes they refused to pick and disburse to their customers ahead of Tuesday next week’s deadline. 

The CBN Deputy Director in charge of Research, Mr Adeleke Adelokun made this known at the Ayegbaju Market, Osogbo during a sensitisation programme organized for Osun market women on the new naira notes of N200, N500 and N1000 denominations. 

Mr Adelokun noted that the apex bank had printed enough new naira notes, but the commercial banks had 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 1 million 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 notes.” 

Also speaking, the Branch Controller of CBN, Osogbo Branch, Mr Madojemu Daphne who was represented by Mrs Adebayo Omosolape alleged that Nigerians hoarded the old naira notes to the tune of two point seven trillion naira.

He noted that 84.71 per cent of the country’s currencies in circulation were outside the vaults of commercial banks across the country.

“Statistics shows that N2.72 trillion out of the N3.26 trillion currency in circulation as of June 2022 was outside the vaults of commercial banks across the country, and supposedly held by members of the public.” Mr Daphne added.

Adenitan Akinola

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