Banks are not collecting new notes, CBN says as deadline nears

THE Central Bank of Nigeria (CBN) has revealed that commercial banks are refusing to collect the new naira notes.

The apex bank had directed the commercial banks to approach its branches across the country to pick up the new naira notes to ensure access to all bank customers.

The ICIR had reported that the newly redesigned notes are poorly circulating in the face of the January 31 deadline.

The apex bank has insisted that there is no plan to extend the deadline for the discontinuation of the use of the old notes as legal tender.

The Director, Legal Services Department, CBN, Salam Alada, revealed that commercial banks are refusing to collect the new notes while speaking during a sensitization tour at the Computer Village, Ikeja, Lagos, on Wednesday, January 18.

He said the new naira notes were in the apex bank’s vaults awaiting pick up by the commercial banks.

“I am reliably told that we are actually begging commercial banks to come and take money (the new notes) from the CBN. We have these new naira notes in our vaults and we are waiting for banks to come and collect it,” he said.

Alada disclosed that the apex bank was currently going around commercial banks and their Automated Teller Machines (ATM) to ensure the stoppage of across-the-counter withdrawals so as to allow for even distribution.



    “We don’t want a situation where one chief who is known to the manager or everyone will cart away all the new naira notes from a particular branch.

    “And that is why we said if you want the new naira notes, walk to the ATM where there is no distinction between myself and the hawker over there,” he stated.

    Erring banks to face penalty

    He also said penalties await banks that fail in coming to pick up the new notes, as well as those who fail to disburse them through their ATMs.

    “What you have been experiencing will actually ease off very soon because the banks now know there will be a penalty for failure to come and pick the new naira notes from the CBN and the failure to load the notes into their branches.”

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