Naira redesign: Commercial banks risk sanction for dispensing old Naira notes in Nasarawa

By David Odama

The Central Bank of Nigeria (CBN) Thursday threatened to sanction commercial banks still dispensing old Naira notes across the country.

This is even as the Zenith bank Manager in Lafia branch and other officials of the bank allegedly fled on sitting the CBN crew who were on the spot monitoring the commercial bank’s compliance with the Apex bank directive.

Recalled that the Apex bank had issued warning to banks dispensing old naira notes in the country to desist or risk sanction for non compliance.

The CBN governor, Godwin Emefilele gave the warning during a one day sensitization meeting with traders in Lafia on the redesign of new naira notes.

The CBN governor, represented by Director of security services, Central Bank, Atiku Mohammed Nasir called on residents to reject old naira notes issued to them from any bank in the state

“When you go to any bank and you are issued the old two hundred, five and one thousand naira notes do not collect because you will be collecting tissue paper that will not e acceptable from 31st of January.

“we will sanction any bank in the Nasarawa state and else where that is found guilty of dispensing the old naira notes at ATMs or counter to customers.

“The central bank has supplied adequate new naira notes to the various commercial banks. Nobody should collect the old naira notes again. If any bank issues you old naira notes, report such bank to the CBN for appropriate action.

According to the CBN governor who insisted that despite appeal by some traders calling for extension of time, there will be no extension other than the fixed date to face out the old naira notes.

Following complaints raised by residents and traders at the sensitization meeting between the CBN and the traders, the Apex bank boss decided to visit five commercial banks in Lafia to ascertain the level of compliance to the directive given by the apex bank.

Among commercial banks visited by the CBN were Access Bank, Zenith Bank, UBA, FCMB, First Bank, GTB, Banks where they were found allegedly dispensing old naira notes.

“The central bank has supplied adequate new naira notes to various commercial banks, nobody should collect the old naira notes again. If any bank issue you old naira report the bank to CBN.”, The Governor stated