We’ll Sanction Banks Hoarding New Notes – CBN

Written by on January 13, 2023


Central Bank of Nigeria (CBN) has vowed to sanction any commercial bank hoarding the new naira notes from the public. The apex bank said that from Thursday , it would commence the monitoring of commercial banks to know those who are not giving the new naira notes to costumers. Daily Trust Newspaper reports that the branch Controller of Awka CBN, Anambra State, Mr. Benedict Maduagwu, made the revealation on Thursday during a sensitization programme to traders at the main market, Onitsha, Anambra State.

He also stated that the bank new redesign was targeted at safeguarding the nation’s currency from hoarding by individuals who stock naira in their houses.

He said “The hoarding of banknotes by members of the public, with statistics shows that 84.71 per cent of currency in circulation are outside the vaults of commercial banks, with only 15.29 percent in the Central Bank and commercial banks ”

He said the CBN also redesigned the currency because of worsening shortage of clean and fit banknotes and the increasing case of counterfeiting notes by criminals

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