CBN has given sufficient new notes to commercial banks – Official

The Branch Controller of the Central Bank of Nigeria (CBN) in Ogun State, Alhaji Wahab Oseni, has disclosed that the apex bank has supplied enough new currencies for commercial banks throughout the country to meet the targeted deadline of the old currencies.

Oseni made this known on Friday at the sensitization program on the new currencies for market people at Awolowo Market, Sagamu,

He noted that any bank caught paying old Naira notes would be sanctioned because there is a sufficient supply of new notes.

He advised public members to lodge complaints, if any, to CBN, saying
that the level of compliance has improved since the beginning of the program in the state.

“We have told the people we spoke to that we have supplied enough currencies in Ogun State. It is the same throughout the other states in the country. The situation has improved tremendously.


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“Like we are promised, the Ijebu sector has been witnessing improvement since the beginning of this week.

“The Banks have what is sufficient for the public to collect. For you to know, some sanctions have been carried out on those banks or that bank that may be paying out the old notes. They can collect it but must not pay for it. There is improvement in terms of sufficient supply now in all the banks.

“The e-mail consumer protection department has been given to them. If they want to avoid going through the internet, whoever feels cheated can physically come to the CBN Abeokuta branch; they are free to enter. We always make sure that we sanction the bank that is affected except that bank has a reasonable explanation against the person who launched the complaint.

“The findings were that improvement has commenced. One or two banks we saw old notes have been contacted, and the sanction has been carried out upon such a bank. We have about 95% compliance now in the area we have gone to. When we leave this place, we also go towards the Ijebu areas. We will police all Ijebu area to check the banks there.”

While responding, the Iyaloja of the market, Chief Mrs. Esther Osilesi, commended CBN for the sensitization programme and implored the market people to comply with the bank’s instruction.

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