CBN threatens sanctions on banks dispensing old naira notes

The Central Bank of Nigeria (CBN) has warned to take strong action against financial institutions in the nation that continue to use their Automated Teller Machines to dispense outdated naira notes (ATMs).

On January 18, 2023, the CBN Governor, Godwin Emefiele, was represented at a sensitization event about the new naira notes in Computer Village Market, Lagos, by Kofo Salam-Alada, Director of the Apex Bank’s Legal Services Department.

“I can tell you right now that the CBN releases new notes on a daily basis,” he said. Banks are collecting money from the CBN as we speak. In reality, we are pleading with banks to visit the Central Bank and take money. We are pleading with banks to come and take these fresh naira notes from our vaults.

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“We found out that a lot of things are happening that we need to checkmate, so we stopped withdrawal of new notes over the counter to ensure that everyone can have access to it and not one chief who is known to the manager, walks in, and carts away all the new notes in a particular branch. That is why we said it should be in the ATMs which cannot distinguish people.

“We also have monitors going around banks now. I have been to some ATMs this morning and I have done the reports. We are not mobilising the masses against the banks because the banks are there to serve you, but be rest assured that they will serve you now that they know that the CBN is on them to serve you with the new naira notes.”

In response to concerns raised by market traders that some people were selling the new notes, Salam-Alada declared that anyone found selling the new notes or any naira denomination would face jail time.