CBN Vows To Sanction Banks Still Dispensing Old Naira Notes

CBN has vowed to sanction banks still dispensing old Naira notes in Ebonyi State.

 

NewsOnline reports that the Central Bank of Nigeria (CBN) yesterday said that it will sanction any bank in Ebonyi State still loading and dispensing old naira notes in its Automated Teller Machines.

 

This online newspaper understands that CBN branch controller in Abakaliki, Mr Daniel Ogbogu gave the warning in Afikpo during a sensitisation workshop organised for traders and other residents in the area.

 

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He noted that the bank has been doing spot-checks to ascertain if all the banks in the state are dispensing the new naira notes, adding that from the reports gotten, 95 percent of the ATMs were dispensing the new notes.

 

He noted that banks whose ATM machines are not dispensing the new naira notes have been given the mandate to ensure that the machines start dispensing immediately.

Mr Ogbogu maintained that there is nothing political about the redesign of the naira notes stressing that in currency management, “you give like 5 to 8 years to redesign the currency but because of the cost involvement in currency management, the current age of this currency we are changing now is between 15 to 22 years.”

He added that anyone saying that the redesign is political is being economical with the truth.