CBN Directs Banks To Release New Naira Notes

The Central Bank of Nigeria (CBN) has ordered Deposit Money Banks (DMBs) in Zamfara, to release the new naira notes to Point of Sale (POS) operators or face sanction.

The CBN controller in the state,  Alhaji Buhari Abbas gave the charge on Friday at a sensitisation exercise for POS operators in Gusau.

He said the measure was imperative to cushion the hardship being experienced by residents and business due low circulation of new naira notes in the state.

The directive came against the back drop of public outcry over scarcity of the new bank notes, as traders and businesses in the area refused transaction in old naira notes.

He said the apex bank would not condone currency hoarding, warning that defaulters would be sanctioned.

The controller urged the POS operators with banks accounts in Gusau, to access the new notes from the DBMs, and report erring banks.

According to him, the daily transaction limit for POS operators is N500,000, while N10,000 per individual bank account holders.

Buhari warned the POS operators to desist from charging customers above normal fee, warning that erring operators would would be prosecuted.

“The old naira notes remain legal tender till midnight Jan. 31,” he said.

Also, the chairman, POS operators in the state, Alhaji Kabiru Abubakar lauded the gesture, and promised to adhere to the normal cash withdrawal charge.

The News Agency of Nigeria (NAN) reports that traders and businesses in Gusau rejected the old naira notes due to the alleged hardship they faced in depositing it in the banks.

The situation got worse leading to the near collapse of businesses due to the scarcity of new naira notes in the state.