CBN to sanction banks dispensing old Naira notes - Naijarecent
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CBN to sanction banks dispensing old Naira notes

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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.

Mr Godwin Emefiele, Governor of the Central Bank of Nigeria, stated this on Thursday at Alamis Market in Lafia, Nasarawa State, during a sensitization campaign on the redesigned Naira notes.

Emefiele, who was represented by Mr Atiku Mohammed-Nasir, CBN’s Director of Security Service, urged traders and residents of the state to use the redesigned notes in 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 them 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 issues 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 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.

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