CBN Kicks Against Sales of New Naira Notes

…Moves to Checkmate Banks Dispensing Old Notes

The Central Bank of Nigeria, CBN has frowned against the illegal practices surrounding the circulation of new naira notes in the country.

This is coming on the heels of Nigerians’ outcry as the CBN deadline for the old notes closes in while the new naira notes are inaccessible to the majority.

Sounding out its warning, the apex bank said anyone caught selling the new notes or any denomination of the naira would be jailed.

Furthermore, CBN noted it will go tough on commercial banks still dispensing the old naira notes through their ATMs as the deadline to phase out the old notes inches closer.

The Director of the Legal Services Department of the Central Bank of Nigeria, Mr Kofo Salam-Alada, made this disclosure in a sensitisation programme in computer village, Lagos, on Wednesday.

The director, who represented the CBN Governor, Godwin Emefiele, said the apex bank has many new naira notes to be distributed to banks.

He said, “I can tell you today that the CBN, daily, issues the new naira notes. As we speak, banks are with the CBN taking money. We are asking banks to come and take money from the Central Bank. We have the new naira notes in our vaults and are begging banks to go and accept them.

“We also have a monitoring team going around banks now. I went to some ATMs and did the reports this morning. We are not telling the masses to revolt against the banks because they are there to serve you, but be rest assured that they will serve you now that they know that the CBN is on them to serve you with the new naira notes.”

CBN fixed January 31 as the deadline for the old naira N200, N500 and N1000 to be legal tender.

Speaking on the new notes, the President of the Coalition of Associations in Computer Village, Timi Davies urged CBN to ensure the free circulation of the new notes as people returns the old notes to the banks.

The Olukosi of Ikeja Land, Chief Lateef Oluseyi, assured the CBN of the support of the traditional rulling house in educating the community.

He dispelled rumours that the new naira was not durable.

According to him, the new notes with more than 35 security features were not easy for counterfeiters to make.