BusinessBanking/FinanceCBN Reads Riot Act; To Sanction Banks Hoarding New Naira Notes

CBN Reads Riot Act; To Sanction Banks Hoarding New Naira Notes

Fidelity Bank Plc

By Akinwale Kasali

Following complains from Nigerians over the unavailability of the new Naira notes in Banks and at the Automated Teller Machines, ATM, across the Federation, the Central Bank Of Nigeria, CBN, has said that Banks found hoarding the new notes will be  sanctioned.

The Apex Bank read the riot act following series of complaints on the hoarding of the new Naira Notes by Commercial Banks. CBN claims that it has produced more than enough for distribution across all the Banks in the country.

The CBN Kano Branch Controller, Umar Biu, disclosed this during a sensitisation programme on the new Naira notes organised for traders at the Sabon Gari market in Kano on Thursday.

The sensitisation programme was also extended to the popular Kwari Market, Wapa Bureau De Change Market, Kofar Wambam market and the famous Kurmi market in the Kano metropolis.

He said the traders have the right to report any bank found either hoarding the new naira notes or charging customers before depositing their old Naira notes.

“You have the right to report any bank found hoarding the new Naira notes or refusing to collect your old Naira notes before the 31st January 2023 deadline.

“No bank should refuse to collect the old naira notes until the deadline of 31st January 2023,” the Branch Controller said.

According to him, the apex bank has directed Commercial Banks to desist from payment on the counter as part of effort to check the favouritism of customers.

He maintained there is no going back on the 31st January 2023 deadline adding that all the old naira notes would cease to be legal tender on that date.

The CBN branch controller further called on the market men and women to report banks that were still loading the old naira notes on their Automatic Teller Machines.

He said the sensitisation was designed to enlighten them on the need to deposit the old notes before the deadline to avoid any loss.

The CBN boss advised all Nigerians to ensure that they deposit their old Naira notes with them at their Commercial Banks, before the expiration of the January 31, 2023 deadline.

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