No More Deadline? – CBN Sends Warning To Those Rejecting Old Naira Notes

No More Deadline? – CBN Sends Warning To Those Rejecting Old Naira Notes

The Zamfara State branch of the Central Bank of Nigeria, CBN, has stated that rejecting old Naira notes before the apex bank’s deadline is illegal and punishable by law.

As a result, the CBN has directed police to arrest those who refuse to collect the old notes, pointing out that they are still legal tender until after the deadline of January 31, 2023.

According to reports, the apex bank has officially directed five of the state’s commercial banks to issue new notes as soon as possible, threatening to sanction them if they do not comply.

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During a sensitization workshop organized by the state association of Point of Sales, POS, operators on Thursday at Maryam Hall in Gusau, the controller of CBN in the state, Mallam Buhari Abbas, explained why the apex bank introduced the new notes.

As a result, Abbas urged POS operators to consider and assist in the opening of a new bank account for anyone who wants to deposit money but does not have one.

“You should do selfless service by not allowing people to lose their money because they don’t have accounts, assist, help those who want to deposit their money”, he added.

According to him, the CBN issued new notes in order to reduce the number of notes in circulation in the hands of the general public.

“More than 80% of Naira notes were in the hands of people, and the CBN has studied this and decided to introduce the policy to reduce the notes at hand, and the policy will harmonise the interest rate,” he said.

He stated that the new CBN policy was implemented to bring more development to the country, and that the policy, if properly implemented, would boost businesses.

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