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Any Bank failed to issue new naira notes would be fined N1M on a daily basis - Emefiele

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The Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, has warned any commercial bank that fails to issue the new naira notes to customers will be fined N1 million on a daily basis.

The CBN governor issued the warning at a sensitization on the new naira notes organized for market women in Ayegbaju International Market, Osogbo, Osun State. 

The governor was represented by the apex bank's Deputy Director, Adeleke Adelokun. The top bank, according to him, had issued enough naira notes to cover the needs of Nigerians.

"As of 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," he said.

Recall that, the N200, N500, and N1000 denominations were changed by the apex bank in December 2022, and the bank set January 31 as the last day for the old naira notes to be in circulation.


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