Banks to pay N1m fine daily for not picking new naira notes

The Central Bank of Nigeria (CBN) says  commercial banks are now being fined  N1 million per day for each box of new naira notes they refused to pick and disbursed to their customers ahead of the January 31, 2023 deadline.

The CBN stated this on Friday during a sensitisation programme organised for Osun market women at Ayegbaju market to acquaint them with the new naira notes of N200, N500 and N1000.
Deputy Director, Research, CBN, Adeleke Adelokun, said the apex had printed enough new naira notes but banks refused to pick them up.
He said, “CBN has printed enough new naira notes but we discovered that most of the banks have not collected the money. When we discovered that they refused to collect the new naira notes, we put sanctions on the bank with a fine of N1million per box per day depending on the number of days.
“We also mandated the banks to put new naira notes in the ATM machines all over Nigeria so that Nigerians will have access to the new Naira Notes.”
Meanwhile, the Branch Controller of CBN, Osogbo branch, Madojemu Daphne who was represented by Adebayo Omosolape disclosed that Nigerians hoarded the old naira notes to the tune of N2.7 trillion.