New Naira Notes: CBN To Sanction Banks Dispensing Old Notes

As the deadline to phase out the old notes gets near, the Central Bank of Nigeria, or CBN, warned that it will be tough on commercial banks that are still issuing the old naira notes through their ATMs.

In a Wednesday awareness-raising event in Computer Village, Lagos, Mr. Kofo Salam-Alada, Director of the Central Bank of Nigeria’s Legal Services Department, made this disclosure.

The director, who spoke on behalf of CBN Governor Godwin Emefiele, claimed that the central bank had plenty of fresh naira notes that need to be given to banks.

“I can tell you today that the CBN issues new naira notes every day,” he remarked. Banks are collecting money from the CBN as we speak. We are inviting banks to the Central Bank to withdraw funds. We have the fresh naira bills in our safes and are pleading with banks to take them.

Additionally, a monitoring team is now visiting banks. This morning, I completed the paperwork while visiting a few ATMs. Because the banks are there to serve you, we are not advising the populace to rebel against them, but you can rest confident that they will do so now that they are aware that the CBN is depending on them to provide you with the new naira notes.

The CBN set a deadline of January 31 for the legal tender status of the former naira N200, N500, and N1000.