Connect with us

Hi, what are you looking for?

E-Financial

CBN to Fine Banks N1m Daily over New Currency Notes

new naira notes

Central Bank of Nigeria, CBN, has disclosed that any commercial bank that failed to pick up its new currency for distribution will be fined N1 million per day, according to Vanguard report.

 

The apex bank’s Deputy Director, Research, Osun state branch, Adeleke Adelokun, disclosed this while sensitising traders on the need to embrace the new currency and return old ones to banks, at Ayegbaju Market in Osogbo on Friday.

According to him, “the CBN has printed enough new naira notes, but we discovered that most of the banks have not collected the money.

Read Also: Reject Old Naira Notes from Banks – CBN Tells Nigerians

“When we discovered that they refused to collect the new Naira notes we put sanction on the bank with a fine of N1 million per box per day, depending on the number of days .

“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.”

In her address, representative of the branch controller, Modojemu Ajuma said the naira redesign policy is aimed at controlling inflation.

She added that the exercise will bring the hoarded currency into the banking system, thereby making monetary policy more effective.

“The currency redesign would assist in the fight against corruption as the exercise would rein in the higher denomination used for corruption, and the movement of such funds from the banking system could be tracked easily,” she added.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

ad

You May Also Like

Tech

Dr. Krishnan Ranganath, the Regional Executive – West Africa at Africa Data Centres, has been honoured as one of the 50 Most Valuable Personalities...

News

Following recent undersea cable cuts that challenged connectivities in many countries in the West African region, Nigeria has called for a coordinated and multilateral...

Tech

S Mobile Group has been recognized by MTN Business as the distinguished recipient of the MTN Enterprise Business Foundation 2024 award.   The award...

Tech

Mr. Oluwaseun Dania, founder and Lead Consultant of Alpha-Geek Technologies, an innovative Information Technology Services company, has been ranked among the 50 Most Valuable...