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CBN to sanction banks rejecting old naira notes

By Emmanuel Samaila, Yola
26 January 2023   |   7:14 am
Any commercial bank that rejects old naira notes before the January 31 deadline will face stiff penalties, the Central Bank of Nigeria (CBN) has said.

Old Naira notes

Dispatches super agents to Adamawa rural areas

Any commercial bank that rejects old naira notes before the January 31 deadline will face stiff penalties, the Central Bank of Nigeria (CBN) has said.

While fielding questions from journalists, yesterday, in Yola, Adamawa State, CBN Director, Internal Audit, Mrs. Ladia Alfa, said that apex bank would consider such actions from any commercial bank as sabotage and treat them according to its laws.

To ensure that rural dwellers are not negatively affected by the new policy of naira redesign, super agents have been dispatched to the 21 local councils of Adamawa to mop up the old notes before the deadline.
“CBN came up with the idea of super agents in rural areas because majority may not have the means to come to the state capital to deposit their old naira notes. Introduction of the super agents scheme will reduce the stress of the rural populace,” she said.

Alfa, who urged Nigerians to applaud CBN for the naira redesign policy, pointed out that the benefits to the stability of the country’s economy is very huge.

She advised big business outlets, including filling stations, to use Point of Sale (PoS) services for their customers.

According to her, the massive enlightenment campaign in Adamawa on replacement of the old naira notes is to ensure that Nigerians did not record financial losses as a result of the naira redesign policy.

A special team of the CBN is going round the state, monitoring Automated Teller Machines (ATM) to ensure that new naira notes are loaded in all the operational machines, she noted.

The CBN director, who charged journalists to spearhead the campaign of the new policy, added that cooperation of the media would help to discharge some of the negative impressions economic saboteurs try to create.

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