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Banks must pay a daily fine of $1,000,000 for failing to collect new Naira notes

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According to the Central Bank of Nigeria, any commercial bank that does not receive the new naira notes for distribution will be fined N1 million per day (CBN).

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In order to educate traders on the new Naira notes, Adeleke Adelokun, a deputy director at the CBN, made the statement on Friday, January 20, at the Ayegbaju International Market in Osogbo, the capital of the Osun state.

“As of today, CBN has printed enough fresh naira notes of N200, N500, and N1,000,” Adelokun added.

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“However, we found that the majority of the banks that were meant to collect the new notes had not done so. We have thus imposed sanctions on the banks.

“Any bank that fails to get the fresh notes from the CBN would be sanctioned with a payment of N1 million per box, each day, with the amount due now based on the number of days the notes have not been received.

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Additionally, we ordered the banks to install fresh naira notes in all of their ATMs across Nigeria so that Nigerians could use them.

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