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1m Fine Per Day Over Failure To Collect New Note- CBN Tells Bank

CBN

1m Fine Per Day Over Failure To Collect New Note- CBN Tells Bank

Any commercial bank that does not pick up the new naira notes for distribution would be penalised N1 million each day, Central Bank of Nigeria (CBN) says.

In order to educate traders on the new Naira notes, Adeleke Adelokun, a deputy director at the CBN, made the statement on Friday, January 20, at the Ayegbaju International Market in Osogbo, the capital of the Osun state.

Adelokun said;

 

“As at today, CBN has printed enough new naira notes of N200, N500, and N1,000.

“But, what we discovered was that most of the banks that are supposed to collect the new notes have not collected them. So, we have put a sanction on the banks.

“Any bank that fails to collect the new notes from CBN will pay N1 million as sanction per box, per day and the amount they are to pay now will depend on the number of days they have not collected the notes.

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

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