CBN to Sanction Financial Institutions Hoarding New Naira Notes

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The Central Bank of Nigeria, CBN, has vowed to impose stiffer sanctions on financial institutions hoarding the new naira notes.

CBN Director of the Payment System Management Department, Musa Jimoh, confirmed that the apex bank has massively supplied the new notes to banks to dispense both at counters and Automated Teller Machines, ATMs.

Jimoh stated that the decision to redesign the naira conforms to the global practice as currency notes ought to be redesigned every five years.

The director advised citizens to deposit their old notes and collect new ones, stressing that the ultimatum remains sacrosanct.

Written by: Helen Obih

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