News

CBN to Sanction Financial Institutions Hoarding New Naira Notes

today01/26/2023 15

Background
share close

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

Rate it

Previous post

World

France agrees to withdraw troops from Burkina Faso

France has agreed to a request from Burkina Faso's military leaders to withdraw all its troops from the country. France said it would also recall its ambassador to the country for consultations, noting that there are currently 400 French Special Forces in the country, who have just one month to leave. Burkina Faso, which is currently battling an Islamist insurgency, says it wants to defend itself. France has kept close […]

today01/26/2023 11

Post comments (0)

Leave a reply

Your email address will not be published. Required fields are marked *

0%
Our customer support team is here to answer your questions.
error: Alert: Content is protected !!