The Central Bank of Nigeria (CBN) has vowed to sanction any commercial bank found hoarding the new naira notes, saying it has produced enough for distribution to all the banks across the country.

The CBN Kano Branch Controller, Umar Biu, made this known during a sensitisation on the new naira notes, organised for traders at the Sabon Gari Market in Kano on Thursday.

Biu said the traders have the right to report any bank found either hoarding the new notes or charging customers before depositing their old Naira notes.

“You have the right to report any bank found hoarding the new Naira notes or refusing to collect your old Naira notes before the 31st January 2023 deadline.

“No bank should refuse to collect the old naira notes until the deadline of 31st January 2023,” the branch controller said.

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He stated that the CBN has also directed commercial banks to desist from payment on the counter as part of efforts to check favouritism of customers.

Biu said there was no going back on January 31, 2023, deadline, adding that all the old notes would cease to be legal tender on the date.

The CBN branch controller further called on the market men and women to report banks that were still loading the old naira notes on their Automatic Teller Machines (ATMs), stressing that the apex bank has provided enough to them.

He said the sensitisation was designed to enlighten them on the need to deposit the old notes before the deadline to avoid any loss.

The CBN official, however, advised Nigerians to ensure depositing old naira notes at their commercial banks before the expiration of January 31, 2023, deadline.

On his part, the Chairman of Sabon Gari Market traders, Sule Kura, called on the apex bank to make the new naira notes available to commercial banks to reduce the hardship being encountered by customers.

He expressed concern over the non-availability of the notes in most commercial banks, saying many people would lose their money if urgent steps were not taken to address the situation.

Most of the market leaders who spoke at the occasion called for the extension of the deadline.

The Star