Any commercial bank hiding the new naira notes from the general population will face sanctions, according to the Central Bank of Nigeria, CBN.
The CBN claims that starting on Thursday (today), commercial banks will be monitored in order to identify those that are not providing consumers with the new naira notes.
Mr. Benedict Maduagwu, the branch controller of Awka CBN in Anambra State, revealed this at a Thursday trader awareness workshop at the major market in Onitsha.
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He said, “As from today, the CBN will be sanctioning any commercial bank that is not dispensing new notes to the public.
“We will be visiting commercial banks to ensure that they give out the new naira notes to the public to do their business.
“We will make sure that the new notes made available to banks are not diverted to politicians only.”
He added that the goal of the new look was to prevent people from hoarding the currency by keeping it in their homes.
He said, “The hoarding of banknotes by members of the public, with statistics, shows that 84.71 per cent of the currency in circulation are outside the vaults of commercial banks, with only 15.29 per cent in the Central Bank and commercial banks,”
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He said that in response to the mounting lack of crisp, functional banknotes and the rising incidence of note forgery by criminals, the CBN also changed the currency.
The new notes, he added, will assist to curb inflation and get the accumulated cash into the banking system, thus he advised the dealers to accept them.
He said that the policy will make it possible to obtain more precise information on the money supply and monetary aggregates.
Additionally, he said that the currency redesign would help in the battle against corruption since it would rein in the higher denomination utilized for corruption, noting that it was simple to follow the movement of such funds out of the banking system.
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