CBN to sanction banks hoarding new Naira notes

Customers get new naira notes over the counters

By Kennedy Nnamani

THE Central Bank of Nigeria, CBN, is to sanction any commercial bank hoarding the new naira notes.

Benedict Maduagwu, the branch controller of Awka CBN, Anambra State, made this disclosure on Thursday during a sensitisation programme to traders at the main market, Onitsha, Anambra State, according to SuperNews

Maduagwu said the CBN will sanction any commercial bank that is not dispensing new notes to the public.

“We will be visiting commercial banks to ensure that they give out the new naira notes to the public to do their business.

“We will make sure that the new notes made available to banks are not diverted to politicians only,” he said.

He added that the new redesign naira notes was targeted at safeguarding the nation’s currency from hoarding by individuals who stock naira in their houses.

Statistics show that with the hoarding of banknotes by members of the public, 84.71 per cent of the currency in circulation is outside the vaults of commercial banks, with only 15.29 per cent in the Central Bank and commercial banks, he added.

He recalled that the Apex bank had earlier stated that it will be monitoring the compliance of the commercial banks with the new naira disbursement in order to know those who are not giving the new naira notes to customers.