No scarcity of new naira notes – CBN

CBN To Fine Banks N1 Million Per Day For Not Picking New Naira Notes

According to some media reports, the Central Bank of Nigeria (CBN) stated that there is no shortage of new naira notes.

This was revealed in Jos by Godwin Emefiele, the CBN Governor, who was represented by Musa Jimoh, Director of the bank’s Payment System Management Department.

The Nigerian Senate urged the CBN to extend the deadline by six months, but the CBN insists on sticking to the January 31st deadline.

The CBN said there is enough supply of the new notes to commercial bank ATMs, and urged banks to desist from keeping cash away.

”The CBN has massively supplied the new notes to commercial banks to dispense both at counters and ATMs.

”This is to enable quick circulation and we want to advise commercial banks to desist from keeping the cash away from the public or face the stiffer sanction.”

The CBN Governor also advised Nigerian to deposit old notes before the deadline, insisting that there is no going back. He also added that the decision to redesign the currency is in line with global standards, adding that they are to redesigned every 5 years but Nigeria took nine years since its last currency design.

Emefiele added the Monitoring and Sensitisation project was aimed at addressing problems related to cash circulation in order to create awareness of the use of agents to circulate cash in under-banked communities

“The Monitoring and Sensitisation project was activated by the apex bank for investigation of the attitude of banks toward the spread of the new currencies.

”We are equally using it to create awareness on the use of agents to circulate the cash in communities with few or no bank branches available.”

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