We have been begging banks to come and take the new Naira notes – CBN says

The Central Bank of Nigeria claims it has been pleading with banks to come pick up the new Naira notes as the deadline for the phase-out of the old N200, N500, and N1000 notes approaches.


By January 31, the old N200, N500, and N1000 notes will no longer be accepted as lawful tender.

On January 18, the CBN’s chief of legal department, Kofo Salam-Alada, said the apex bank would take strong action against banks that continued to stock their ATMs with old naira notes as the deadline to phase out the notes drew closer. He said that the CBN was keeping an eye on banks that were still using outdated naira notes in their ATMs.

“I can tell you today that the CBN on daily basis issue out the new notes. As we speak, banks are with the CBN taking money. We are actually begging banks to come and take money from Central Bank. We have these new naira notes in our vaults and we are begging banks to come and take it.

We found out that a lot of things are happening that we need to checkmate, so we stopped withdrawal of new notes over the counter to ensure  that everyone can have access to it and not one chief who is known to the manager, walks in, and  carts away all the new notes in a particular branch. That is why we said it should be in the ATMs which cannot distinguish people.

We also have monitors going around banks now. I have been to some ATMs this morning and I have done the reports. We are not mobilising the masses against the banks because the banks 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.”


Reacting to questions from traders in the market that some people were selling the new notes, he said anyone caught selling the new notes or any denomination of the naira would be jailed.


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