CBN governor urges commercial banks to collect the newly redesigned naira notes or face strict sanctions

Godwin emefiele

The Governor of the Central Bank, Mr. Godwin Emefiele, has urged commercial banks to visit branches of the apex bank throughout the country to collect the new naira notes. During a sensitization tour on the adoption of the newly redesigned notes in Computer Village, Ikeja, Lagos, on Wednesday, Mr. Emefiele stated that the new notes are available and ready for pick up in the bank’s vaults.

Central Bank of Nigeria

He also announced that the bank has waived some of the conditions for accessing currency notes to make it easier for commercial banks to collect the new notes. The Governor also indicated that the bank is working to ensure that the new notes are widely circulated, and is currently monitoring banks and their ATMs to ensure that customers receive the new notes via these machines.

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He warned that penalties will be imposed on any bank that fails to collect the new notes and deposit them in their ATMs. He also urged people to make use of electronic channels to conduct their banking transactions, and reminded them that the deadline for submitting the old naira notes is January 31st.

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