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Banks to pay N1m daily as CBN moves to enforce distribution of new Naira notes

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The Central Bank of Nigeria (CBN) will henceforth impose a fine of N1 million daily on any commercial bank that fails to pick up the new Naira notes for distribution to customers in the country.

The CBN’s Deputy Director in charge of Research, Osun State branch, Adeleke Adelokun, stated this during a sensitization programme on the new Naira notes at the Ayegbaju Market in Osogbo.

He said the CBN has printed enough new naira notes but most banks have refused to collect the money.

Adelokun said: “When we learnt they refused to receive the new Naira notes, we sanctioned the bank with a fine of one million Naira per box every day, depending on the number of days.”

“We also directed banks to place fresh naira notes at ATMs around Nigeria so that Nigerians could use the new notes.

READ ALSO: CBN tells Nigerians to reject old naira notes from banks

In her remarks, the representative of the branch controller, Modojemu Ajuma, said the redesign of the Naira notes was aimed at limiting inflation.

He stressed that the process would bring hoarded cash into the banking system.

“The currency redesign would aid in the battle against corruption since the exercise would rein in the higher denomination utilized for corruption, and the transfer of such monies from the banking system could be monitored easily,” the CBN official stated.

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