CBN to punish banks for scarcity of new notes

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Abuja, Feb. 1, 2023 – The Central Bank of Nigeria (CBN) says it will penalise commercial banks for the scarcity of new naira notes.

It said that many commercial banks had not been acting to its directive in disbursing the new notes through their ATMs

Godwin Emefiele, the Governor of CBN, said this on Tuesday when he appeared before the House of Representatives Sub-committee on Currency Reform

Emefiele said instead, banks had been handing out bundles to individuals who sprayed them at parties.

The Global Business News (GBN) reports that Nigerians had been having difficulties to get the new naira notes through ATMs as directed by the apex bank. (GBN)

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