Banks to pay N1m daily fine for not picking up new currency notes – CBN

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The Central Bank of Nigeria, CBN, has disclosed that any commercial bank that failed to pick up its new currency for distribution will be fined N1 million per day.

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The apex bank’s Deputy Director, Research, Osun state branch, Adeleke Adelokun, disclosed this while sensitising traders on the need to embrace the new currency and return old ones to banks, at Ayegbaju Market in Osogbo on Friday.

According to him, “the CBN has printed enough new naira notes, but we discovered that most of the banks have not collected the money.

“When we discovered that they refused to collect the new Naira notes we put sanction on the bank with a fine of N1 million per box per day, depending on the number of days.

“We also mandated the banks to put new naira notes in their ATMs all over Nigeria so that Nigerians will have access to the new Naira Notes.”

In her address, a representative of the branch controller, Modojemu Ajuma said the naira redesign policy is aimed at controlling inflation.

She added that the exercise will bring the hoarded currency into the banking system, thereby making monetary policy more effective.

“The currency redesign would assist in the fight against corruption as the exercise would rein in the higher denomination used for corruption, and the movement of such funds from the banking system could be tracked easily,” she added.