HomeNationalCBN takes sensitisation on new notes to markets in Calabar, threatens to...

CBN takes sensitisation on new notes to markets in Calabar, threatens to sanction banks

Central Bank of Nigeria (CBN), Calabar branch has taken sensitisation on new naira not s to markets and streets in Calabar.

CBN has also threatened to sanction banks that are still dispensing the old notes at the automated Teller Machines (ATM) across the state.

CBN Calabar, Mrs. Glory Iniunan stated this yesterday during the sensitisation excecise on the acceptance and deadline of the redesign naira notes at Watt, Ikot Ishie, 8miles and Marian markets.

“What we are here for is to sensitise the people on the acceptance, the deadline of the redesign naira notes. To let them know that as from 31st January, 2023, the old notes will size to be a legal tender and as at 1st, February, 2023, the new note will come to play completely, we are not going to use the old notes anymore. Anybody that has the old notes should take it to the bank before January 31st 2023 to get the new notes.” Iniunan stated.

She said CBN has started a spot check on banks across the state, threatening to sanction any bank found dispensing the old notes.

The CBN controller further stated,”banks are not supposed to feed the Automated Teller Machines with the old notes but if you go over the counter, we are still giving the old notes, the reason being that it is the ordinary people that uses the ATM , we want the money to circulate.

“You can still collect the old notes over the counter and use but return to the bank before 31st of this month, by then, they must have received enough to give to you as exchange. So for now, the ATMs are dispensing new notes. We have given them and it is sanctionable offence for you to dispense old notes and all the banks knows this.

“In the rural communities, banks have their agents, like the POS agents are the ones circulating the new notes in rural communities. We are doing spot check to know the banks that are still dispensing old notes through ATMs. Even in the weekends, we do spot check, any ATM found dispensing old notes, we make report to the head office and they have sanction for them.” She stressed.

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