CBN To Impose N1m Fine Per Day On Banks For Failing To Disburse New Naira Notes

Ahead of the January 31st deadline for old naira notes, the apex monetary authority, Central Bank of Nigeria (CBN) has introduced N1m punitive fine for commercial banks who refused to pick new naira notes to disburse for their customers.

The CBN through the Deputy Director of Research, Adeleke Adelokun during a sensitisation programme for market women at Ayegbaju market, Osogbo capital of Osun on Friday to intimate them 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 tune of N2.7trn.

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