ADVERTISEMENT

CBN to sanction banks dispensing old Naira notes

The Central Bank of Nigeria (CBN) has vowed to sanction commercial banks still dispensing old Naira notes ahead of the Jan. 31 deadline for the cessation of the currencies as legal tender.

Naira-Notes (PremiumTimes)
ADVERTISEMENT

Represented by Mr Atiku Mohammed-Nasir, CBN’s Director of Security Service, Emefiele urged the traders and residents of the state to embrace the redesigned notes for their transactions.

He reminded them that the old N200, N500 and N1,000 notes would cease to be legal tender on Jan. 31, hence all in possession of the old note should take them to the banks.

Henceforth, When you go to any commercial bank and you are issued the old N200, N500 and N1,000 do not collect because they would become useless as from Jan. 31.

“We will henceforth sanction any bank found guilty of dispensing the old Naira notes at ATMs or over the counters to customers.

“The CBN has supplied adequate new Naira notes to the various commercial banks. If any bank issue you old Naira notes, report such bank to the CBN for appropriate action,” he said.

The CBN governor insisted that there would be no extension of the Jan. 31 deadline for the termination of the old notes despite appeals for an extension by the traders.

He, therefore, urged to traders to make haste and change their monies before the deadline.

Emefiele encouraged traders and other residents to embrace e-banking for their transactions, saying the policy would go a long way to address insecurity and improve the nation’s economy.

Also speaking, Shehu Yakubu, Lafia Branch Controller, CBN, advised the traders and other stakeholders to take the redesigned Naira notes policy seriously by changing their old notes before the deadline.

Yakubu noted that failure to adhere to the instruction, the old notes starched in homes and other places outside the banks would no longer be acceptable and become like toilet tissue paper.

The News Agency of Nigeria (NAN) reports that the CBN team also visited some commercial banks in Lafia to ascertain the level of compliance to its directive on the dispensing of new Naira notes through the Automated Teller Machines (ATM).

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Police vow to move against political thuggery in C/River

Police vow to move against political thuggery in C/River

Atiku, Okowa working to secure debt relief for Nigeria – Campaign spokesman

Atiku, Okowa working to secure debt relief for Nigeria – Campaign spokesman

Why elements in Aso Rock are jealous of Tinubu – APC

Why elements in Aso Rock are jealous of Tinubu – APC

CBN asks banks to start paying new naira notes over the counter

CBN asks banks to start paying new naira notes over the counter

2023 Polls: Buhari in total support of Tinubu – Lai Mohammed

2023 Polls: Buhari in total support of Tinubu – Lai Mohammed

Clark advises Okowa to resign as Atiku’s running mate

Clark advises Okowa to resign as Atiku’s running mate

Lai Mohammed reacts as report ranks Nigeria among most corrupt countries in the world

Lai Mohammed reacts as report ranks Nigeria among most corrupt countries in the world

Gunmen kidnap C/River Commissioner

Gunmen kidnap C/River Commissioner

2023 Presidential poll: Kwankwaso will not step down from race, NNPP

2023 Presidential poll: Kwankwaso will not step down from race, NNPP

ADVERTISEMENT
ADVERTISEMENT