Cash swap : Emefiele declares war on commercial banks, insists no

… vows to sanction defaulters

… EFCC, ICPC officials to accompany CBN examiners to inspect bank branches to assess compliance

The Governor of Central Bank of Nigeria (CBN) Mr Godwin Emefiele has declared war on commercial banks insisting that no banks should henceforth pay out old notes except through the Automated Teller Machines (ATMs) or in bank branches all over the country

This is just as he has requested officials of the Economic and Financial Crimes Commission and Independent Corrupt Practices Commission to accompany the Apex bank examiners to inspect bank branches nationwide to ensure compliance.

He gave the instructions during the Bankers Committee meeting on Monday in Abuja.

The CBN Governor warned: “No payment of new notes over the counter. Banks are only allowed to release new notes via ATMs

Corporates that require cash should only be given the old N100 notes and below. Corporates must not be given the new notes”.

According to him, EFCC/ICPC officials will accompany CBN examiners to inspect bank branches over the next two weeks to assess full compliance with CBN guidelines above.

“Officials of branches that fail to comply or that release cash to Corporates and Politicians will face termination of their contracts and the respective banks will be sanctioned

“No branch should allow an individual with multiple Debit cards to do multiple transactions on ATMs.

“All new notes have tracking numbers to trace them back to State, Bank and Bank branches. So notes confiscated at parties and other locations can be traced back to the Bank and applicable branch

Please note that no new notes for anyone over the counter in branches.”

The CBN had on October 26, 2022 announced its plan to redesign the three banknotes – N200, N500 and N1000.

President Muhammadu Buhari subsequently unveiled the redesigned notes on November 23, 2022 while the Governor of Central Bank of Nigeria, Mr Godwin Emefiele fixed January 31 deadline for the validity of the old notes.

Following pressure for extension of the deadline, the CBN on Saturday announced the extension of the deadline for the validity of the old notes by 10 days.

Even with the extension of the deadline by 10 days, Nigerians have been experiencing tough times in making withdrawal through the ATMs and the few that are dispensing are paying in old notes.

The unavailability and scarcity of the new Naira notes have however paved the way for the Point of sale (POS) operators in hiking their service charge.

The POS operators now charge N500 for the withdrawal of N5000 as against N100 hitherto charged for the withdrawal of same amount.

An operator at Ajesa Street, (Close to Banex Plaza), Wuse II, who would not disclose his name, said the sudden increase in the service charge followed the scarcity of the new Naira notes.

“It was difficult to access the new redesigned Naira notes”, he simply said.

The scarcity of the new designed naira notes is causing huge problems as many shop owners in Abuja only accept new notes even as the Central Bank of Nigeria (CBN) in a fresh statement on Saturday extending the January 31 deadline for old Naira notes by 10 days.

Many Nigerians have been gnashing their teeth over the unavailability and scarcity of the new designed naira notes as the ATM regarded as their last hope of getting the new notes still dispense old notes.