CBN Instructs Banks To Issue Fresh Naira Notes

The Deposit Money Banks (DMBs) in Zamfara have been warned by the Central Bank of Nigeria (CBN) to provide the new naira notes to Point of Sale (POS) operators immediately or risk punishment.
The allegation was delivered on Friday at a sensitization session for POS operators in Gusau by the CBN Controller for the state, Alhaji Buhari Abbas.
He said that the action was necessary to ease the hardship that locals and businesses were facing as a result of the state’s low level of fresh naira note circulation.

The decision was issued in the midst of a public outcry about the lack of new bank notes, as local merchants and companies refused to accept transactions in old naira notes.

He said the apex bank would not condone currency hoarding, warning that defaulters would be sanctioned.
The controller urged the POS operators with banks accounts in Gusau, to access the new notes from the DBMs, and report erring banks.

According to him, the daily transaction limit for POS operators is N500,000, while N10,000 per individual bank account holders.

Cash Withdrawal Limit: Falana, PoS Operators In Lagos Threaten Lawsuit Against CBN

Buhari warned the POS operators to desist from charging customers above normal fee, warning that erring operators would would be prosecuted.

“The old naira notes remain legal tender till midnight Jan. 31,” he said.

Also, the Chairman, POS operators in the state, Alhaji Kabiru Abubakar lauded the gesture, and promised to adhere to the normal cash withdrawal charge.
The News Agency of Nigeria (NAN) reports that traders and businesses in Gusau rejected the old naira notes due to the alleged hardship they faced in depositing it in the banks.

The situation got worse leading to the near collapse of businesses due to the scarcity of new naira notes in the state.

Follow us on Facebook