The Central Bank of Nigeria, CBN, has warned of consequences for commercial banks found to be stocking their Automated Teller Machines, ATM, with old notes scheduled to cease to be legal tender by 31st January.
Speaking on Thursday, January 19, 2023, in Lokoja, the Kogi State capital, during the sensitisation of market people about the redesigned naira notes, Deputy Director, Currency Operation, Dr Rekiyat Yusuf said that any ATM found to still have old notes would be shut down and appropriate sanction applied on the operating bank.
She urged traders to avail themselves of the opportunity of the January 31 deadline window to visit either their banks or any bank, in case of those without a bank account, and exchange their currency for the newly redesigned notes of 200, 500, and 1,000 naira.
“There is no reason for banks to still be stocking their Automated Teller Machines with old notes and the apex bank has made enough redesigned notes available for dispensing to members of the public,” she said adding that any bank caught would be made to “face appropriate sanction.”
Earlier, Dr Yusuf had outlined the reasons for redesigning the notes including curbing terrorism, kidnapping for ransom, and endemic corruption.
Other reasons identified include a lot of money outside the banking system which fuels inflation and the need to fulfil international best practices of redesigning currency once in five to eight years.
Also speaking, the Kogi State branch controller of CBN, Alhaji Ahmed Sule, urged traders to accept the new currency until the January 31 deadline date.
According to him, Lokoja being a gateway state to many states where a lot of business transactions involving currency exchange take place, it is necessary to embark on active sensitisation.”
The Apex bank also embarked on the inspection of some Automated Teller Machines within the metropolis to ensure that the machines are stocked with the newly redesigned notes.
CBN Issues Statement Affirming Emefiele Will Keep Performing Duties As Directed By Buhari
The Central Bank of Nigeria, CBN, has announced the resumption of its governor, Godwin Emefiele.
The governor flew out of the country late last year amid reports that the Department of State Services, DSS, was plotting to arrest him for allegedly sponsoring terrorism.
The apex bank, in a statement on Monday, January 16, 2023, said the governor was back with renewed vigour.
“The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, has resumed duty after his annual vacation abroad. Mr. Emefiele, who proceeded on leave in December 2022, resumed work today, Monday, January 16, 2023.”
“The Governor resumed with renewed vigour to perform his duty ahead of the first Monetary Policy Committee (MPC) meeting of the year scheduled for January 23 to 24, 2023.
“Mr. Emefiele remains committed to performing the task before him in line with his oath of office and the policy direction of President Muhammadu Buhari.
“While thanking the public for keeping faith with the Bank, we urge Nigerians to continue to support the policies of the Bank aimed at ensuring a stable financial system and the Nigerian economy in general,” read the statement signed by Osita Nwanisobi, Director, Corporate Communications, CBN.
After failing to appear before the House of Representatives which summoned him over some policies of the bank, CBN had announced that the governor was out of the country.
Emefiele had returned to the country on Monday, and hours after his return, news started circulating that DSS had invaded the bank, seeking to arrest him, but the secret police denied this.
A Federal Capital Territory, FCT, High Court sitting in Maitama had restrained the DSS from arresting the CBN governor.
The restraining order was issued by M.A. Hassan, the presiding judge.
Source: Daily Post
