CBN accuses banks of hoarding new naira notes, threatens sanctions

The Central Bank of Nigeria (CBN) has alleged that some commercial banks are reluctant to issue new naira notes to customers as the date for the expiration of the old naira notes draws near.

For this reason, the apex bank has vowed to sanction any bank caught hoarding the new naira notes while claiming that it had produced enough for distribution to all the banks across the country.

This was made known by the CBN Kano Branch Controller, Alhaji Umar Biu, during a sensitisation on the new Naira notes, organised for traders at the Sabon Gari Market in Kano on Thursday, January 19, 2023.

The sensitisation programme was also extended to traders from the popular Kwari Market, Wapa Bureau De Change Market, Kofar Wambam market and the famous Kurmi market in the Kano metropolis, NAN reports.

Biu said the traders had the right to report any bank found either hoarding the new notes or charging customers before depositing their old Naira notes.

“You have the right to report any bank found hoarding the new Naira notes or refusing to collect your old Naira notes before the 31st January 2023 deadline.

“No bank should refuse to collect the old naira notes until the deadline of 31st January 2023,” the branch controller said.

According to him, the apex bank has also directed commercial banks to desist from payment on the counter as part of efforts to check favouritism of customers.

He maintained that there was no going back on the 31st January 2023 deadline, adding that all the old notes would cease to be a legal tender on that date.

The CBN branch controller further called on the market men and women to report banks that were still loading the old naira notes on their Automatic Teller Machines (ATM) as the Apex bank had provided enough to them.

He said the sensitisation was designed to enlighten them on the need to deposit the old notes before the deadline to avoid any loss.

The CBN boss advised Nigerians to ensure depositing their old Naira notes at their commercial banks, before the expiration of the January 31, 2023 deadline.

The Chairman of Sabon Gari Market traders, Alhaji Sule Kura, called on the apex bank to make the new Naira notes available to commercial banks, to reduce the hardship being encountered by customers.

He expressed great concern over the non-availability of the notes in most of commercial banks, saying many people would lose their money if urgent steps were not taken to address the situation.

Most of the market leaders who spoke at the occasion called for the extension of the deadline.