The Central Bank of Nigeria (CBN) will henceforth impose fines of N1 million per day on any commercial bank that fails to withdraw the new naira notes for distribution to customers in the country.
This was stated by Adeleke Adelokun, deputy director for research at CBN Osun state branch, during the promotional program for the new naira notes at the Ayegbaju market in Osogbo.
He said Cubic boron nitride Enough new naira notes have been printed, but most banks refuse to accept them.
“When we learned that they refused to accept the new naira notes, we fined the bank 1 million naira per box per day, depending on the number of days,” Adelokun said.
“We have also directed banks to place new naira notes at ATMs across Nigeria so that Nigerians can use the new notes.
Also read: CBN tells Nigerians to reject banks’ old naira notes
In her statement, Branch Controller Representative Modojemu Ajuma said the redesign of the naira note was aimed at limiting inflation.
He stressed that the process would bring hoarded cash into the banking system.
“The currency redesign will help in the fight against corruption as this exercise will control the higher denominations used for corruption and the transfer of such funds from the banking system can be easily monitored,” the CBN official said.
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