New naira notes: CBN threatens to fine banks N1m daily

The Central Bank of Nigeria (CBN) has vowed to fine any commercial bank that failed to pick up its new currency for distribution N1 million daily.

The CBN Deputy Director, Research, Osun State branch, Adeleke Adelokun, said this while sensitising traders on the redesigned naira notes at Ayegbaju Market in Osogbo, the state capital on Friday.

Adelokun 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.”

Speaking, the representative of the branch controller, Modojemu Ajuma, said the naira redesign policy is aimed at controlling inflation.

She added that the exercise will bring the hoarded currency into the banking system, thereby making monetary policy more effective.

The CBN announced plans to redesign N200, N500, and N1,000 banknotes during its Monetary Policy Committee (MPC) meeting on October 26, 2022.

It later set December 15 as the official start date for the circulation of the new naira notes, which President Muhammadu Buhari unveiled on November 23.

The CBN also, recently, issued a revised cash withdrawal policy, stating that cash withdrawals above N100,000 and N500,000 for individuals and corporate organisations will henceforth attract five per cent and 10 per cent, respectively.

The Star