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Naira: CBN redesigned to penalize banks for issuing old notes

The Central Bank of Nigeria, CBN, has said it will remain strict on commercial banks still distributing old naira notes through its ATMs as the deadline for phasing out old naira notes approaches.

Director of the Legal Services Department of the Central Bank of Nigeria, Kofo Salam-Alada, made the disclosure at an awareness program in Computer Village, Lagos, on Wednesday.

The director, who represented CBN Governor Godwin Emefiele, said the main bank had many new naira notes to distribute to the banks.

He said, “I can tell you today that CBN is issuing new naira notes daily. As we speak now, the banks are with the Central Bank of Nigeria taking money. We are asking the banks to come and take money from the central bank. We have the new naira notes in our vaults and we are begging the banks to go and accept them.

“We also have a monitoring team going around the banks now. I went to some ATMs and did the reporting this morning. We’re not asking the masses to rebel against the banks because they are there to serve you, but rest assured they will serve you now because they know CBN is on them to serve you with papers.” New Naira.

CBN has set January 31st as the deadline for old naira N200, N500 and N1000 to be legal tender.

Naira: CBN redesigned to penalize banks for issuing old notes

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