Banks Holding New Notes will be Sanctioned, Says the CBN.

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Any commercial bank hoarding the new naira notes from the general public will face sanctions from the Central Bank of Nigeria (CBN).

The apex bank announced that it would start watching commercial banks to find out which ones weren’t giving customers the new naira notes.

During a program to educate traders at the main market in Onitsha, Anambra State, Mr. Benedict Maduagwu, the branch controller of Awka CBN, made the revelation.

He added that the goal of the bank’s redesign was to prevent people from hoarding the currency by keeping it in their homes.

The new notes, he added, would help to control inflation and bring the accumulated currency into the banking system, so he urged the traders to accept them.

He claims that the rule  would help to get more accurate data on money supply and monetary aggregates.

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