Home » CBN threatens Banks Hoarding New Naira Notes, sensitizes Kano Marketers

CBN threatens Banks Hoarding New Naira Notes, sensitizes Kano Marketers

by Salisu Hamisu Ali
0 comment 1 minutes read


The Central Bank of Nigeria (CBN) on Thursday, threatened to sanction banks found hoarding the new naira notes.

The Branch controller of the CBN in Kano, Alhaji Umar Ibrahim Biu assured that the Apex bank has produced enough notes for distribution to all the banks across the country.

Alhaji Umar said the traders have the right to report any bank found either hoarding the new naira notes or charging customers before depositing their old naira notes in their banks.

“You have the right to report any bank found hoarding the new naira notes or refuse to collect your old naira notes before the 31st January 2023 deadline.

The CBN Kano Branch Controller told Marketers at the popular Kwari Market, Wapa Bureau De Charge Market, Kofar Wambam market and the famous Kurmi market in Kano metropolis during the sensitisation programme on Thursday.

According to him, the Apex bank had also directed commercial banks to desist from payment on the counter as part of effort to check favouritism of customers.

He further called on the Marketers to report banks that were still loading the old naira notes on their Automatic Teller Machine as the Apex bank had provided enough to the banks.

“No bank should refuse to collect the old naira notes until the deadline of 31st January, 2023 and all the old naira notes would cease to be a legal tender on that date”.

He said the sensitisation was designed to enlighten them on the need to deposit the old notes before the deadline to avoid any loss.

Biu advised all Nigerians to ensure that they deposit their old naira notes with them at their commercial banks, before the expiration of the January 31, 2023 deadline.

Most of the market leaders who spoke at the occasion called for the extension of the deadline.

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