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Banks Will Be Fined N1m Daily if They Fail to Collect New Naira notes – CBN

Banks Will Be Fined N1m Daily if They Fail to Collect New Naira notes – CBN

The Central Bank of Nigeria, CBN, has stated that any commercial bank that defaults in picking up the new naira notes for distribution will be fined a million naira daily.

This recent announcement was made a Deputy Director at CBN, Adeleke Adelokun, during a sensitization programme with traders on the new Naira notes at Ayegbaju International Market in Osogbo, the Osun State on Friday, January 20.

In Adelokun’s words;

“As at today, Friday, January 20th, the CBN has printed enough new naira notes of N200, N500 and N1,000.

“But we have discovered that most of the banks that are supposed to collect the new notes have yet to collect them. For this reason, we have put a sanction on the banks.”

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“Any bank that defaults in collecting the new notes from CBN will be fined N1 million as sanction per box, per day and the amount they are to pay will depend on the number of days they have not collected the notes.”

“We also directed the banks to put the new naira notes in their ATMs across Nigeria so that Nigerians will have access to the new naira notes.”

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