CBN threatens to deal with banks hoarding new notes

The Central Bank of Nigeria (CBN) has threatened to deal with commercial banks hoarding the new naira notes from the public.

Many Nigerians have complained that banks are still dispensing old notes to their customers instead of mopping up ahead of the January 31 deadline.

They alleged that the banks are hoarding the new notes.

The CBN’s Branch Controller in Awka, Anambra State, Mr. Benedict Maduagwu, who spoke during a sensitization programme held for traders at the Onitsha main market on Thursday, said the apex bank would soon monitoring the activities of the banks on the new naira notes.

READ ALSO: CBN orders N500m worth of new notes, keeps quiet on cost of printing

He said: “As from today, the CBN will be sanctioning any commercial bank that is not dispensing new notes to the public. We will be visiting commercial banks to ensure that they give out the new naira notes to public to do their businesses. We will make sure that the new notes made available to banks are not diverted to politicians only.

“The hoarding of banknotes by members of the public, with statistics shows that 84.71 percent of currency in circulation are outside the vaults of commercial banks, with only 15.29 percent in the CBN and commercial banks ”

He, therefore, urged the traders to embrace the new notes, and disregard any false narrative around it.

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