CBN To Sanction Banks Hoarding New Naira Notes

The Central Bank of Nigeria (CBN) has threatened to sanction commercial banks hoarding new naira notes in Kogi State.

Deputy Director, Central Bank of Nigeria, Dr Rekiya Opemi Yusuf gave the warning on Thursday in Okene where she flagged off the cash swap programme in the Central Senatorial District of Kogi State.

Dr Yusuf said it has come to the knowledge of the apex bank that some commercial banks are hoarding the new notes and keep dispensing the old ones despite the January 31 deadline.

Reacting to complaints from customers who alleged that some banks in the state are making fortunes with the introduction of new naira notes, Dr Yusuf said such sharp practices will be met with stiff penalties.

She reiterated that the deadline for the exchange of old naira notes will not be extended beyond January 31, 2023.

”This is to sound a note of warning to any commercial bank still dispensing old naira notes. The CBN has made all these notes available to this bank. Hoarding these notes will not be tolerated. Any bank caught in this act will be sanctioned. I am appealing to Nigerians to quickly go to nearby banks to deposit their old naira notes before the deadline date,” she said.

According to her, the apex bank has engaged agents who will sensitize their customers to quickly swap their old N1000, N500, and N200 notes, adding that, commercial banks have been admonished to work beyond normal working hours to meet the deadline.

The CBN Deputy Director, however, called on Nigerians to support the policy introduced by the apex bank, stressing that, it would help to encourage financial inclusion and regulate effective monetary policy that would touch the lives of the people.