CBN to charge banks N1m daily over new currency

Alade Abayomi ADeleke
Alade Abayomi ADeleke

Wilson Adekumola



The Central Bank Of Nigeria has said that any commercial bank that failed to comply with the newly redesigned naira notes in terms of picking up for distribution will incur charges of million naira per day.



The Deputy Director on Research, Osun State Bracnch, Adeleke Adelokun made this known during the sensitization exercise on traders on the need to embrace the new currency and return the old ones to the banks at Ayegbaju market in Osogbo on Friday.




He said, “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.”



The representative of the branch controller, Modojemu Ajuma noted that the naira redesign policy is to control inflation.



She stated further that the exercise is to recover the hoarded currency in the hand of individual 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.

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