Banks that are dispensing old naira notes risk being sanctioned by the CBN

The bank has set January 31 as the cutoff date for the phase-out of the old notes.

Thursday, the Central Bank of Nigeria (CBN) warned commercial banks in Ogun State that they would be fined if they continued to accept old naira notes.

The apex bank issued the new N200, N500, and N1,000 notes and set a deadline of January 31 for the phase-out of the previous notes.

Lanre Wahab, the controller of the apex bank’s Abeokuta branch, said the CBN won’t hesitate to fine banks still giving out the old notes to consumers as there are less than two weeks till the deadline and numerous Nigerians are complaining about the lack of availability of the new notes.

“They will be punished anywhere we still come across old notes that have been changed, including the N200, N500, and N1,000. He stated that any bank still printing or distributing the altered notes will face sanctions from the Central Bank of Nigeria following a discussion about them with market vendors and members of the informal economy at the Lafenwa Market.

He said that spot checks on automated teller machines (ATMs) will soon start in order to verify bank compliance at the event in the capital of Ogun State.

He says that the CBN has told commercial banks and deposit banks that they can’t give out old money to customers after January 13.

He insisted that any bank that receives a censure “merits such because they have been told since the 13th to stop doing it.”

While redesigned notes are still legal tender, he urged residents to take advantage of the CBN’s window of opportunity to swap their old notes for new ones before the time expired.