CBN to sanction banks dispensing old notes

Marcus Amudipe
Marcus Amudipe

The Central Bank of Nigeria has stated that it would begin to sanction banks who are still dispensing the old naira notes.

According to The PUNCH, this was disclosed by the Director of the Legal Services Department of the Central Bank of Nigeria, Mr. Kofo Salam-Alada, during a sensitisation event on the new naira notes in Computer Village Market, in Lagos on Wednesday.

The director who represented the CBN Governor, Godwin Emefiele, said, “I can tell you today that the CBN on daily basis issue out the new notes. As we speak, banks are with the CBN taking money. We are actually begging banks to come and take money from Central Bank. We have these new naira notes in our vaults and we are begging banks to come and take it.

“We found out that a lot of things are happening that we need to checkmate, so we stopped withdrawal of new notes over the counter to ensure that everyone can have access to it and not one chief who is known to the manager, walks in, and carts away all the new notes in a particular branch. That is why we said it should be in the ATMs which cannot distinguish people.

“We also have monitors going around banks now. I have been to some ATMs this morning and I have done the reports. We are not mobilising the masses against the banks because the banks are there to serve you, but be rest assured that they will serve you now that they know that the CBN is on them to serve you with the new naira notes.”

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