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Godwin Emefiele, the governor of the Central Bank of Nigeria, or CBN, has criticized commercial banks for failing to issue the new naira notes.
Emefiele issued a warning that any commercial bank that didn't give customers the new naira notes would be subject to daily fines of N1 million.
The CBN governor made the warning at a sensitization on the new naira notes organized for market women in Ayegbaju International Market, Osogbo, Osun State. The governor was represented by the apex bank's Deputy Director, Adeleke Adelokun.
The top bank, according to him, had issued enough naira notes to cover the needs of Nigerians.
“As of today, CBN has printed enough new naira notes of N200, N500 and N1,000.
“But, what we discovered was that most of the banks that are supposed to collect the new notes have not collected them. So we have put a sanction on the banks.
“Any bank that fails to collect the new notes from CBN will pay N1 million as sanction per box per day and the amount they are to pay now will depend on the number of days they have not collected the notes,” he said.
In December 2022, the apex bank announced the change of N200, N500, and N1000 denominations and fixed January 31 as the deadline for circulation of the old naira notes.
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