The Central Bank of Nigeria has warned banks in Kaduna state to stop dispensing the old Naira notes from Monday.
The CBN’s Director of Capacity Development, Mohammed Abba said these while speaking with journalists on Saturday,
The CBN noted that there would be no extension of the January 31 deadline within which the old naira notes would cease as legal tender in the country.
Abba urged traders to hasten up and deposit their old naira notes in exchange for the new notes.
He also noted that the CBN would sanction errant commercial banks that refused to dispense the new naira notes through their Automated Teller Machines or hoard the money from customers, noting that “now, there is enough money.”
“We hope that by Monday all the banks dispensing old notes in Kaduna will stop doing that,” he added.
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The CBN boss also disclosed that the apex Banks would reach out to people in rural areas through traditional rulers to sensitize them on the new naira notes and the deadline when the old notes would cease as legal tender.
According to him, the sensitization will be taken to churches, mosques as well as motor parks as part of efforts to encourage the general public to deposit their old naira notes before the deadline.
He said, “We are not just starting the sensitization exercise today. We have involved the National Orientation Agency and some other media houses since the CBN governor, Godwin Emefiele announced the redesign of the current notes.
“We are just trying to consolidate that effort of the NOA and other agencies now that time is getting closer and people need to be carried along as well. That’s why we felt that it is important that we consolidate what other agencies have been doing.
“For now, I don’t think there is any possibility of changing or extending the January 31 deadline within which the old naira notes will cease as legal tender.
“Our mandate for this trip now is to make sure we follow up to the bank to make sure that there is no infraction or they are not hiding this money or doing any other thing that’s unwanted. The idea of this exercise is for Nigerians.
“We have gone round the commercial banks in Kaduna to ensure that money is made available in Automated Teller Machines and if we find any bank that’s breaking the rule, we will sanction such bank.”
