The Central Bank of Nigeria has begun monitoring and sanctioning commercial banks loading old notes in their Automated Teller Machines.
This is sequel to the 31st January Deadline for the circulation of the old 1000, 500 and 200 Naira notes.
In continuation of its sensitisation drive on the newly redesigned notes, officials of the central Bank of Nigeria were in Oko market to educate traders on the new legal tender which the traders say though they welcome the initiative but frown at unavailability of the currency even in banks and ATMs
In response to the obvious unavailability of the new notes, the CBN official says there is availability in banks.
Officials of the CBN led by deputy controller visited some ATMs in Agbor, Ika South Council to ascertain the notes they are dispensing.
Though difficulty the CBN says it is committed to 31st of January deadline of withdrawal of the old notes as it continues to enforce its directive to commercials bank
The Director of the Legal Services Department of the Central Bank of Nigeria, Mr. Kofo Salam-Alada, has said the agency will go tough on banks that continue to fill their ATM machines with old naira notes as the deadline to phase out the notes nears.
He said the CBN was already monitoring banks that were still dispensing old naira notes from their ATMs.
Related posts:
New redesigned naira notes to circulate today as banks reconfigure ATMs
CBN monitors banks in Benue, advocates cashless economy
CBN Monitors distribution of New Naira Notes in Benue
Nigerians lament scarcity of new naira notes as CBN monitors cash swap process
Angry youths protest Naira scarcity in Delta, burn bank, ATMs
NNPC orders 24-hour loading, sales operation
Electronic payments: CBN unveils sanctions against banks, others
CBN assures old notes can still be deposited to banks after deadline
