{"id":81050,"date":"2023-01-26T11:30:32","date_gmt":"2023-01-26T10:30:32","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/banks-hoarding-new-naira-notes-risk-stiffer-sanction-cbn"},"modified":"2023-01-26T12:39:30","modified_gmt":"2023-01-26T11:39:30","slug":"banks-hoarding-new-naira-notes-risk-stiffer-sanction-cbn","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/banks-hoarding-new-naira-notes-risk-stiffer-sanction-cbn","title":{"rendered":"Banks hoarding new naira notes risk stiffer sanction \u2013 CBN"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The Central Bank of Nigeria, CBN, has vowed to impose stiffer sanctions on financial institutions hoarding the new naira notes.<\/p>\n

The apex bank issued the threat on Wednesday in reaction to the allegation that enough notes were not released.<\/p>\n

Musa Jimoh, Director of the Payment System Management Department, denied the claim at a news conference in Jos, the capital of Plateau.<\/p>\n

Jimoh confirmed that the CBN \u201cmassively supplied\u201d the new notes to banks to dispense both at counters and Automated Teller Machines, ATMs.<\/p>\n

\u201dThis is to enable quick circulation. We advice commercial banks to desist from keeping the cash away from the public or face the stiffer sanction,\u201d he said.<\/p>\n

Jimoh explained that the decision to redesign the naira conforms with the global practice as currency notes ought to be redesigned every five years.<\/p>\n

The director advised citizens to deposit their old notes and collect new ones, stressing that the ultimatum remains sacrosanct.<\/p>\n

At the Monetary Policy Committee meeting in Abuja on Tuesday, CBN Governor Godwin Emefiele stated that the January 31 deadline would not be extended.<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The Central Bank of Nigeria, CBN, has vowed to impose stiffer sanctions on financial institutions hoarding the new naira notes. The apex bank issued the threat on Wednesday in reaction to the allegation that enough notes were not released. Musa Jimoh, Director of the Payment System Management Department, denied the claim at […]<\/p>\n","protected":false},"author":84,"featured_media":81049,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1570,2140,503,9092,254],"class_list":["post-81050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-nigeria-2","tag-cbn","tag-new-naira-notes","tag-nigeria"],"yoast_head":"\nBanks hoarding new naira notes risk stiffer sanction \u2013 CBN - Nigeria<\/title>\n<meta name=\"description\" content=\"The Central Bank of Nigeria, CBN, has vowed to impose stiffer sanctions on financial institutions hoarding the new naira ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/banks-hoarding-new-naira-notes-risk-stiffer-sanction-cbn\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banks hoarding new naira notes risk stiffer sanction \u2013 CBN\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria, CBN, has vowed to impose stiffer sanctions on financial institutions hoarding the new naira ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/banks-hoarding-new-naira-notes-risk-stiffer-sanction-cbn\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-26T10:30:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-26T11:39:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/01\/postQueueImg_1674720039.30.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"853\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/banks-hoarding-new-naira-notes-risk-stiffer-sanction-cbn#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/banks-hoarding-new-naira-notes-risk-stiffer-sanction-cbn\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Banks hoarding new naira notes risk stiffer sanction \u2013 CBN\",\"datePublished\":\"2023-01-26T10:30:32+00:00\",\"dateModified\":\"2023-01-26T11:39:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/banks-hoarding-new-naira-notes-risk-stiffer-sanction-cbn\"},\"wordCount\":197,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/banks-hoarding-new-naira-notes-risk-stiffer-sanction-cbn#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/01\/postQueueImg_1674720039.30.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"CBN\",\"New Naira Notes\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/banks-hoarding-new-naira-notes-risk-stiffer-sanction-cbn#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/banks-hoarding-new-naira-notes-risk-stiffer-sanction-cbn\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/banks-hoarding-new-naira-notes-risk-stiffer-sanction-cbn\",\"name\":\"Banks hoarding new naira notes risk stiffer sanction \u2013 CBN - 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