New Naira Notes: CBN threatens to sanction banks over non-compliance

New Naira Notes: CBN threatens to sanction banks over non-compliance

…urges residents, merchants to reject outdated notes

Naira Redesign

The Central Financial institution of Nigeria (CBN) has on Thursday, randomly paid an unscheduled go to to some business banks in Lafia, the capital of Nasarawa State to establish stage of compliance to its directive of dishing out new naira notes to prospects.

Atiku Mohammed, the CBN’s director of safety companies, who represented Godwin Emefiele, the CBN governor, led a delegation to a day sensitization assembly with merchants on the brand new redesigned naira notes to merchants on the Alamis (Thursday) Market in Lafia.

Among the many business banks visited by the CBN in the course of the go to are: Entry Financial institution, Zenith Financial institution, UBA, FCMB, First Financial institution, GTBanks, amongst others as they had been discovered dishing out the outdated naira notes, by means of the Automated Teller Machines (ATM).

The apex nonetheless known as on residents of the state to reject the outdated naira notes in an effort to compel banks to adjust to its directive of January 31, 2023.

The CBN governor then warned business banks nonetheless dishing out outdated naira notes to their prospects ought to henceforth desist or danger sanction.

Emefiele known as on residents of Nasarawa State to reject outdated naira notes distributed to them by any business financial institution henceforth.

“If you go to any financial institution and you’re issued the outdated 2 hundred, 5 hundred and one thousand naira notes don’t accumulate as a result of you’ll be gathering tissue paper that won’t be acceptable from thirty first of January this 12 months.

Learn additionally: New naira notes: CBN takes campaign to Nasarawa

“We’ll sanction any financial institution in Nasarawa state and elsewhere that’s discovered responsible of dishing out the outdated naira notes at ATMs or counters to prospects.

“The central financial institution has equipped enough new naira notes to the varied business banks. No one ought to accumulate the outdated naira notes once more. If any financial institution points outdated naira notes to you, report such financial institution to the CBN for acceptable motion.

The CBN governor, subsequently, insisted that regardless of appeals by some merchants calling for extension of time, he stated that there might be no extension of the mounted date to section out the outdated naira notes.

He, subsequently, urged merchants to make haste and alter their monies earlier than the deadline.

Emefiele inspired merchants and different residents to embrace e-banking for his or her transactions, saying the coverage would go an extended approach to tackle insecurity and enhance the nation’s financial system.

Shehu Yakubu, Lafia Department Controller, CBN, suggested the merchants and different stakeholders to take the redesigned Naira notes coverage severely by altering their outdated notes earlier than the deadline.

Yakubu stated, failure to stick to the instruction, the outdated notes starched in properties and different locations outdoors the banks would now not be acceptable and turn into like rest room tissue paper.

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