“Any bank that fails to collect the new notes from CBN will pay N1 million daily” – CBN warns

The Central Bank of Nigeria (CBN) has warned that any commercial bank that fails to pick up the new naira notes for distribution will be fined N1 million daily

This was made known in a statement by a deputy director of the apex bank, Adeleke Adelokun during a sensitization programme with traders on the new Naira notes at Ayegbaju International Market in Osogbo, the Osun state capital, on Friday, January 20.

He noted that the central bank has printed enough new naira notes to go round.

Adelokun said; “As at today, CBN has printed enough new naira notes of N200, N500 and N1,000. But, what we discovered was that most of the banks that are supposed to collect the new notes have not collected them. So, we have put a sanction on the banks.

“Any bank that fails to collect the new notes from CBN will pay N1 million as sanction per box, per day and the amount they are to pay now will depend on the number of days they have not collected the notes. 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.”