New Notes: CBN Imposes One Million Fine On Banks Ahead Of Deadline

The Central Bank of Nigeria (CBN) has introduced N1 million punitive fine for commercial banks who refused to pick new naira notes to disburse for their customers ahead of the January 31st deadline for old naira notes.

The apex monetary authority Deputy Director of Research, Adeleke Adelokun, made this known during a sensitization programme for market women at Ayegbaju market, Osogbo capital of Osun on Friday.

Adeleke, while trying to intimate the market women with the redesigned currency, said, “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 1million 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 Naira Notes.”

Also, the Branch Controller of CBN, Osogbo branch, Madojemu Daphne, who was represented by Adebayo Omosolape, disclosed that Nigerians hoarded the old naira notes in the tune of N2.7trn.

He noted that 84.71 percent of the country’s currency in circulation is outside the vaults of commercial banks across the country.