Banks fined N1m daily for not collecting new Naira notes – CBN

Banks fined N1m daily for not collecting new Naira notes – CBN
Banks fined N1m daily for not collecting new Naira notes – CBN

According to the Central Bank of Nigeria (CBN), any commercial bank that fails to pick up the new naira notes for distribution would be fined N1 million per day.

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Adeleke Adelokun, a deputy director at the CBN, made the remark on Friday, January 20, during a sensitization event with merchants on the new Naira notes at Ayegbaju International Market in Osogbo, the Osun state capital.

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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