Banks refuse to load new nairas as CBN imposes sanction 

fda new naira notes x
fda new naira notes x

From Lateef Dada, Osogbo

Some banks in Osun State have refused to load the new N200, N500, and N1,000 notes in their ATMs, findings have shown.

But, the Central Bank of Nigeria (CBN), has imposed a sanction of N1 million on banks that refuse to pick up the new notes for circulation to the public.

Speaking at a sensitization programme at Ayegbaju market, Osogbo, on Friday,  the Deputy Director, CBN, Adeleke Ademuyiwa, expressed surprise that the banks have refused to take the new notes from the CBN.

He disclosed that the CBN has provided enough notes to make the new naira available but some banks have refused to pick them.

He said, “we are here to sensitize market women to the newly redesigned naira notes and to sensitize them to the e-naira.

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“As of today, the central bank has printed enough notes of N200, N500, and N1,000. But what we discovered is that most of the banks that are supposed to collect the monies have not collected them.

“When we discovered that, we put a sanction that a bank is to pay N1 million per box in a day. So it is in the number of days they refused to collect it. We have also mandated all the banks to put new naira notes in their ATMs all over Nigeria so that people will have access to these new naira notes,” he added.

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