The Central Bank of Nigeria (CBN) has revealed reasons it stopped banks from issuing the new naira notes from across the counter. The bank’s Director of Legal Services Department, Kofo Salam-Alada said the CBN will be tough on banks that continue to fill their ATM machines with old naira notes as January 31, 2023 approaches.
According to the Central Bank Of Nigeria (CBN), it has already started monitoring banks still dispensing old naira notes via their ATMs.
Kofo Salam-Alada who represented the CBN governor disclosed this during a sensitization event on the new naira notes in Computer Village in Ikeja, Lagos on Wednesday, January 18, 2022 that the CBN issues new notes to the banks on a daily basis, saying that banks have enough of the new notes in their vaults.
The development comes as reports emerged that some bank officials are selling the new notes to customers in exchange for the old ones. It is reported that Onitsha Main Market traders protested to the CBN about the practice of bankers selling the new currency notes to the highest bidder in the market. Traders who confirmed the incident said the banks ask traders to bring N20,000 of old notes in exchange for N15,000 of the new ones.
