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New Naira Notes: Banks To Pay N1m Daily Fine as CBN Steps Up Effort To Ensure Distribution

CBN set January 31 as deadline to submit the old naira notes Credit: @cbn Source: UGC

. Commercial banks have received a memo from the Central Bank of Nigeria advising them about the new naira notes

. Several days before the deadline of January 31 there has been an uptick of complaints from Nigerians that they have not yet received the new notes

. Therefore, the CBN has informed banks that they risk a N1 million penalty if they fail to come pick up the new notes

The Central Bank of Nigeria will now penalise any commercial bank per day of N1 million for failing to collect the new Naira notes for distribution to the country's customers (CBN).

The CBN's deputy director for research for the Osun State branch, Adeleke Adelokun, made this statement at an event to promote the use of the new Naira notes at the Ayegbaju Market in Osogbo.

He said the CBN has printed enough new naira notes but most banks have refused to collect the money, the Cable reports.

What CBN is saying

Adelokun said:

“When we learnt they refused to receive the new Naira notes, we sanctioned the bank with a fine of one million Naira per box every day, depending on the number of daysdays. "

“We also directed banks to place fresh naira notes at ATMs around Nigeria so that Nigerians could use the new notes."

The branch controller's representative, Modojemu Ajuma, stated in her remarks that the redesign of the Naira notes was intended at reducing inflation.

According to Punch, he emphasized that the process would bring hoarded wealth into the financial system.

The CBN official stated:

"The currency redesign would help in the fight against corruption since it would limit the use of higher denominations for wrongdoing, and the transfer of such sums from the banking system could be easily tracked."

Experts predict naira exchange rate

In another report, experts have taken turns making predictions for the new year, and they feel it will be either good or more troubles

The federal government in its 2023 budget set the naira to the dollar exchange rate at N435.57/$ for 2023.

The experts believe that the performance of the naira will be determined by the type of policies from the federal government and the CBN.

Source: Youth Hekima

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