Naira redesign: CBN to sanction banks dispensing old notes

The Central Bank of Nigeria, CBN, said it will go tough on commercial banks still
dispensing the old naira notes through their ATMs as the deadline to phase out the old
notes inches closer.

The Director of the Legal Services Department of the Central Bank of Nigeria, Mr Kofo
Salam-Alada, made this disclosure in a sensitisation programme in computer village,
Lagos, on Wednesday.

The director, who represented the CBN Governor, Godwin Emefiele, said the apex bank
has many new naira notes to be distributed to banks.He said, “I can tell you today that the CBN, daily, issues the new naira notes. As we speak, banks are with the CBN taking money. We are asking banks to come and take money from the Central Bank. We have the new naira notes in our vaults and are
begging banks to go and accept them.”’

“We also have a monitoring team going around banks now. I went to some ATMs and
did the reports this morning. We are not telling the masses to revolt against the banks
because they are there to serve you, but be rest assured that they will serve you now
that they know that the CBN is on them to serve you with the new naira notes.”

CBN fixed January 31 as the deadline for the old naira N200, N500 and N1000 to be
legal tender.