CBN threatens to sanction banks dispensing old Naira notes

The Central Bank of Nigeria (CBN) has vowed to sanction banks that continue to fill their ATMs with old naira notes as the deadline to phase out the notes nears.

CBN Director, Legal Services Department, Kofo Salam-Alada, who made this known at a sensitisation event on Wednesday, January 18, 2023, at the Computer Village Market, Lagos, said the apex bank was already monitoring banks on the development.

The director, who represented the CBN Governor, Godwin Emefiele, said the apex bank has many new naira notes to be distributed to banks.

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“I can tell you today that the CBN on a 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 the Central Bank. We have these new naira notes in our vaults, and we are begging banks to come and take them.

“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”, he said.

Salam-Alada also warned that anyone caught selling the new notes or any denomination of the Naira would be jailed.

Speaking on the new notes, the President of the Coalition of Associations in Computer Village, Timi Davies, noted that the new naira notes are a good initiative.

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“But unfortunately, the new notes are not well circulated within our market. The ATMs are not dispensing the new notes and only a few privileged ones seem to be having access to the new notes.

“We want to encourage the CBN and the government to enforce the deadline on the banks. There should be no bank that should not be giving the new naira from their ATMs.

“All ATMs should load the new notes. As we are giving the old notes, we should be able to get the new notes. If the ATMs are not dispensing, the new notes will not flow around”, he added.

CBN fixed January 31 as the deadline for the old naira N200, N500 and N1000 to be legal tender.

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