Any Bank Found Storing New Naira Notes Runs The Risk Of Stronger Sanctions, The Cbn Warns

Financial institutions that are stockpiling the new naira notes may face harsher punishments, according to the Central Bank of Nigeria (CBN).

In response to the claim that not enough notes were distributed, the apex bank threatened action on Wednesday.

At a press conference in Jos, the Plateau state’s capital, Musa Jimoh, director of the Payment System Management Department, refuted the assertion.

Jimoh said that the CBN has “massively delivered” the new notes to banks for use in both ATMs and counter-top dispensing.

“This will facilitate rapid circulation. Commercial banks are advised to stop keeping funds hidden from the public or risk harsher penalties.

He spoke.

According to Jimoh, the decision to redesign the naira is in line with international convention, which states that currency notes should be updated every five years.

While reiterating that the deadline is still inviolable, the director recommended people to deposit their old notes and obtain new ones.

CBN Governor Godwin Emefiele said on Tuesday that the January 31 deadline will not be extended at the Monetary Policy Committee meeting in Abuja.