CBN: Banks to pay N1 million fine daily over failure to collect new naira notes

[sokani]

The Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele has slammed commercial banks for not issuing the new naira notes. Emefiele warned that any commercial bank that failed to issue the new naira notes to customers would be fined N1 million on a daily basis. The CBN governor, who was represented by the apex bank’s Deputy Director, Adeleke Adelokun, issued the warning at a sensitisation on the new naira notes organised for market women in Ayegbaju International Market, Osogbo, Osun State. He said that the apex bank had printed enough naira notes to serve Nigerians.

“As of today, CBN has printed enough new naira notes of N200, N500 and N1,000. But, what we discovered was that most of the banks that are supposed to collect the new notes have not collected them. So we have put a sanction on the banks. Any bank that fails to collect the new notes from CBN will pay N1 million as sanction per box per day and the amount they are to pay now will depend on the number of days they have not collected the notes,” he said.

Source: https://dailypost.ng/2023/01/20/banks-that-will-pay-n1m-fine-over-new-notes-emefiele-reveals/

This measure by the apex bank dey good because we no kno wetin dey really happen with this new naira notes as people dey complain up and down say ATM machines still dey dispense the old naira notes. Before CBN set the 31 January deadline dem suppose don make sure say dem don print enough new naira notes. It's very likely say e get some persons or group of persons wey want frustrate the work of CBN with the new note circulation for their own selfish reasons and in my own opinion I feel say the one million naira fine too dey small. We just get about 10 days remaining, I doubt if this new naira notes fit really go around. Wetin una think?

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[CryptSafe]

The Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele has slammed commercial banks for not issuing the new naira notes. Emefiele warned that any commercial bank that failed to issue the new naira notes to customers would be fined N1 million on a daily basis. The CBN governor, who was represented by the apex bank’s Deputy Director, Adeleke Adelokun, issued the warning at a sensitisation on the new naira notes organised for market women in Ayegbaju International Market, Osogbo, Osun State. He said that the apex bank had printed enough naira notes to serve Nigerians.

“As of today, CBN has printed enough new naira notes of N200, N500 and N1,000. But, what we discovered was that most of the banks that are supposed to collect the new notes have not collected them. So we have put a sanction on the banks. Any bank that fails to collect the new notes from CBN will pay N1 million as sanction per box per day and the amount they are to pay now will depend on the number of days they have not collected the notes,” he said.

Source: https://dailypost.ng/2023/01/20/banks-that-will-pay-n1m-fine-over-new-notes-emefiele-reveals/

This measure by the apex bank dey good because we no kno wetin dey really happen with this new naira notes as people dey complain up and down say ATM machines still dey dispense the old naira notes. Before CBN set the 31 January deadline dem suppose don make sure say dem don print enough new naira notes. It's very likely say e get some persons or group of persons wey want frustrate the work of CBN with the new note circulation for their own selfish reasons and in my own opinion I feel say the one million naira fine too dey small. We just get about 10 days remaining, I doubt if this new naira notes fit really go around. Wetin una think?

Na all these kind of news dey make me laugh. Just the topic alone wey I read I tire. Based on the topic matter, say CBN go pay #1000000 as fine every day as e be say dem no dey collect old naira note. You ehn this our country Naija na so so play dem dey play with everything. Now I want to ask question Dem say CBN go pay #1,000,000 to who na? Na de  one wey Dem want to use dey collect more money every day if possible dem go still extend am say Dem no fit meet up the dead line to dey collect #1,000,000 everyday say as e be now the money no go round naija. When Dem talk like that nobody go fit do anything about am.

[Enjoyment]

This matter get as ib oo, because the new naira notes is not circulating, and almost everyone is complain about it, how and what should we do for us not to be a victim of the old one.

[Wiwo]

This matter get as ib oo, because the new naira notes is not circulating, and almost everyone is complain about it, how and what should we do for us not to be a victim of the old one?

The situation reports from my region of the country Abuja is quite a positive one most especially since thos week, and if you remember the new CBN 1 million naira fine on banks not dispensing new notes in their ATM and over the counter was announced last week Wednesday and this week banks are working tirelessly to avoid being cut up in the web of old notes circulated. So this week we should expect some positive development and improvement, hopefully, by the end of this week the new naira should be up to an 80-90% circulating ratio before the January 31st deadline.

[Nwada001]

The situation reports from my region of the country Abuja is quite a positive one most especially since thos week, and if you remember the new CBN 1 million naira fine on banks not dispensing new notes in their ATM and over the counter was announced last week Wednesday and this week banks are working tirelessly to avoid being cut up in the web of old notes circulated. So this week we should expect some positive development and improvement, hopefully, by the end of this week the new naira should be up to an 80-90% circulating ratio before the January 31st deadline.

The week don already start, yesterday for Port Harcourt, Rumuokoro area people way go access Bank ATM the machine they pay people only #20,000 for the new note eh no pay reach 12pm well when in stop to they pay, then people way they bank with the access Bank come enter inside say make them go withdraw from inside, them stand for counter tire till when eh reach their turn, nah still they old note Nia them give majority of them inside and then some people nah new one them give them, the Bankers come they complain say then never get the new note plenty way go git serve everybody each day base on their calculation of daily withdrawal.
And even some of the ATM way don they pay the new note nah only the 1000 own them don they pay nah why nah that one we they see pass..

This there deadline for the old note fit no work at all, because no be everybody go fit hold hand for new note that time.

[Cryptomultiplier]

CBN just dey try ensure the compulsory adoption of the use of the new notes. It is okay to fine the banks that default before the deadline, but why everything na just by force? The due date of deadline is just too short to accommodate massive adoption with this kind of rate. CBN might have to review the deadline date if this is expected to be effective well.

[Asiska02]

CBN just dey try ensure the compulsory adoption of the use of the new notes. It is okay to fine the banks that default before the deadline, but why everything na just by force? The due date of deadline is just too short to accommodate massive adoption with this kind of rate. CBN might have to review the deadline date if this is expected to be effective well.

I think many people are going to lose their money if the deadline for accepting old naira note is not shifted ahead. Seeing the massive number of people in banks these days with lots of money for depositing will convince you that the deadline will not be okay for the time being.

CBN Governor don already talk say him no go shift the deadline because him don give dem enough time to come deposit the money. Who we go blame now? CBN Governor ahbi the masses wey no deposit money on time till deadline don reach?

[royalfestus]

CBN just dey try ensure the compulsory adoption of the use of the new notes. It is okay to fine the banks that default before the deadline, but why everything na just by force? The due date of deadline is just too short to accommodate massive adoption with this kind of rate. CBN might have to review the deadline date if this is expected to be effective well.

According to him, 90 days should be the usual duration, but was extended to 100 days by the bank, which is responsible for the delayed transition. After the announcement, they kept loading old notes into the ATM and even gave them off the counter while they sold all the money given to them on the black market. Despite there being too little awareness among the public, politicians continued to accuse the central bank governor of fraud and many other allegations. They even strongly criticized the new note.

[Davidvictorson]

I think many people are going to lose their money if the deadline for accepting old naira note is not shifted ahead. Seeing the massive number of people in banks these days with lots of money for depositing will convince you that the deadline will not be okay for the time being.

CBN Governor don already talk say him no go shift the deadline because him don give dem enough time to come deposit the money. Who we go blame now? CBN Governor ahbi the masses wey no deposit money on time till deadline don reach?

Oboy, I read this thing today for my mind I just dey laugh say which version of Nigerian movie be this. One thing wey Emefiele must know be say him nor dey above the law. The citizens do drag am and the CBN do court if them nor extend the deadline. As in I nor even understand how this people take dey reason sef. Make I burst una head small, shey una sabi say some of us wey dey go bank we nor dey see the new notes, nor be say e nor dey but them fit don arrange with some big men dem to first give them before the masses. I rest my case we dey wait for 30th.
 

[Enjoyment]

This matter of new naira notes, is confusing me because i don't know how the new naira notes are going to circulate.

In a situation were by, the commercial banks in Lagos and Abuja don't have the new naira notes to dispens, where are we expecting to have the new naira notes again,  but thank God for the extension from the higher order.

But for now i know that, this second deadline time for the new naira notes may be final.

[sokani]

After the announcement, they kept loading old notes into the ATM and even gave them off the counter while they sold all the money given to them on the black market. Despite there being too little awareness among the public, politicians continued to accuse the central bank governor of fraud and many other allegations. They even strongly criticized the new note.

I gathered from a reliable source who told me that while they were waiting on the queue to get the new naira notes, she noticed some persons coming in and going out with money in ghana must go bags, and at end of the day, they didn't get it as they were told that they have exhausted the new notes. The public fail to understand the banks are hoarding it for their own selfish gain. It is in our blood to always profit from any given situation, the banks are making money out of the new naira notes and I see the fine as a welcome development. Though, I still think the fine has little effect on the banks because they can still be collecting the new notes and be loading 10% of their daily allocation on ATM machines and selling the rest on the black market thus frustrating the activity of CBN.

[EarnOnVictor]

Wetin CBN won do good but d sanction money is too small for my eye, e suppose reach like 10 milla daily or more. 4 Naija, I dey always talk am, we lack discipline, dis banks suppose hear am if na true say CBN make available d new notes wey fit go round. I see am as rubbish, why dem dey sabotage am if no be 4 d politicians wey won use an 4 vote buying. Dis country don cast no be small, make we shall dey look and see as tinz go end.

If financial institutions fit dey sabotage under the nose of their regulator like dis, I no know wetin fit work 4 dis country again.

[HajiBagi]

The suggestion make sense seriously but for my mind make then no collect 1milla make them punish the bank well well and bill them the kind amount wey them go feel am for body, because this bank's dey very stupid I swear, imagine if you want to go bank go change the old note to new one you go suffer and if you wan go withdraw from ATM na old ones the machine go still give you, especially the UBA banks matter they pain me like say if I get opportunity make I go report them make them close the bank.

[RockBell]

CBN just dey try ensure the compulsory adoption of the use of the new notes. It is okay to fine the banks that default before the deadline, but why everything na just by force? The due date of deadline is just too short to accommodate massive adoption with this kind of rate. CBN might have to review the deadline date if this is expected to be effective well.

Na waiting just they be that and CBN they monitor all of this banks oh they suppose sanction some of this banks, they no they even gree put money for ATM for people to withdraw the thing don even tire everybody but if you look am ba, na just because of people wey they villages if not I no actually buy the idea of the extension at all,  because bike men to don they collect transfer at list the aim is been archived.