Banks to be fined N1m daily over refusal to collect new Naira notes — CBN

The Central Bank of Nigeria (CBN) has revealed that any commercial bank that refuses to get the new naira notes for circulation will have to pay a fine of N1 million daily.

This was revealed by a deputy director at CBN, Adeleke Adelokun, while educating traders on the new currency at Ayegbaju International Market in Osogbo, the capital of Osun state, Friday, January 20, 2023.

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.”