Kofo Salam-Alada, the director of legal services of the Central Bank of Nigeria, has warned that as the deadline to phase out the old naira notes draws near, the organization would punish banks that keep stocking their ATMs with the notes.
He said that the CBN was already keeping a watch on banks that were still dispensing out-of-date naira notes through their ATMs.
The CBN Governor’s envoy, Godwin Emefiele, the director, addressed on Wednesday at a sensitization event regarding the new naira notes at Lagos’ Computer Village Market.
He said, “I can tell you today that the CBN on daily basis issue out the new notes. As we speak, banks are with the CBN taking money. We are actually begging banks to come and take money from Central Bank. We have these new naira notes in our vaults and we are begging banks to come and take it.
“We found out that a lot of things are happening that we need to checkmate, so we stopped withdrawal of new notes over the counter to ensure that everyone can have access to it and not one chief who is known to the manager, walks in, and carts away all the new notes in a particular branch. That is why we said it should be in the ATMs which cannot distinguish people.
“We also have monitors going around banks now. I have been to some ATMs this morning and I have done the reports. We are not mobilising the masses against the banks because the banks are there to serve you, but be rest assured that they will serve you now that they know that the CBN is on them to serve you with the new naira notes.”
In response to concerns raised by market merchants about certain individuals selling the new notes, he said that anyone found selling the new notes or any naira denomination will face jail time. Timi Davies, president of the Coalition of Associations in Computer Village, commented on the new notes and said that they are a positive move.
He said, “But unfortunately, the new notes are not well circulated within our market. The ATM machines are not dispensing the new notes and only a few privileged ones seem to be having access to the new notes.
“We want to encourage the CBN and the government to enforce the deadline on the banks. There should be no bank that should not be giving the new naira from their ATMs. All ATMs should load the new notes. As we are giving the old notes, we should be able to get the new notes. If the ATMs are not dispensing, the new notes will not flow around.”
Chief Lateef Oluseyi, the Olukosi of Ikeja Land, gave the CBN assurances about the traditional ruling house’s support for community education. He debunked the myth that the new naira was not strong. He said that the more than 35 security measures on the new notes made them difficult for counterfeiters to produce.
