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HomeNewsCBN Directs Banks To Stop Dispensing Old Naira Notes From Monday

CBN Directs Banks To Stop Dispensing Old Naira Notes From Monday

The Central Bank of Nigeria has warned banks to stop dispensing the old naira Notes in Kaduna from this Monday.

This is just as the apex bank took the ongoing sensitisation on new naira notes to ‘Abubakar Mahmud Gumi Market,’ Kaduna with an appeal to traders to ensure that their money are deposited at the commercial banks.

The CBN’s Director of Capacity Development, Mohammed Abba said these while speaking with journalists on the benefits of the new naira notes while sensitizing traders at the Central Market Motor Park, Kaduna on Saturday,

The CBN redesigned the N1,000, N500 and N200 notes in December with the plan to withdraw the old notes January 31, 2023 but the new notes have been poorly circulated by the apex bank.

Most rural communities are yet to receive the notes issued by the CBN.

The apex bank noted that there would be no extension of the January 31 deadline within which the old naira notes would cease as legal tender in the country.

He urged traders to hasten up and deposit their old naira notes in exchange for the new notes.

He also noted that the CBN would sanctioned errant commercial banks that refused to dispense the new naira notes through their Automated Teller Machines or hoard the money from customers, noting that “now, there are enough money.”

“We hope that by Monday all the banks dispensing old notes in Kaduna will stop doing that,” he added.

The CBN boss also disclosed that the apex Banks would reach out to people at rural areas through traditional rulers so as to sensitize them on the new naira notes and the deadline when the old notes would cease as legal tender.

According to him, the sensitization will be taken to churches, mosques as well as motor parks as part of efforts to encourage the general public to deposit their old naira notes before the deadline.

He said, “We are not just starting the sensitization exercise today. We have involved the National Orientation Agency and some other media houses since the CBN governor, Godwin Emefiele made the announcement of the redesign of the current notes.

“We are just trying to consolidate that effort of the NOA and other agencies now that time is getting closer and people need to be carried along as well. That’s why we felt that it’s is important that we consolidate what other agencies have been doing.

“For now, I don’t think there is any possibility of changing or extending the January 31 deadline within which the old naira notes will cease as legal tender.

“Our mandate for this trip now is to make sure we follow up to the bank to make sure that there is no infraction or they are not hiding this money or doing any other thing that’s unwanted. The idea of this exercise is for Nigerians.

“We have gone round the commercial banks in Kaduna to ensure that money is made available in Automated Teller Machines and if we find any bank that’s breaking the rule, we will sanction such bank.”



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