<\/p>\n
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\u00a0January 31 deadline<\/a>\u00a0would not be extended.<\/p>\n","protected":false},"excerpt":{"rendered":" The Central Bank of Nigeria, CBN, has vowed to impose stiffer sanctions on financial<\/p>\n","protected":false},"author":1,"featured_media":33721,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"class_list":["post-39080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"featured_image_urls":{"full":["https:\/\/www.imotrumpeta.com\/wp-content\/uploads\/2021\/09\/cbn.jpg",644,429,false],"thumbnail":["https:\/\/www.imotrumpeta.com\/wp-content\/uploads\/2021\/09\/cbn-150x150.jpg",150,150,true],"medium":["https:\/\/www.imotrumpeta.com\/wp-content\/uploads\/2021\/09\/cbn-300x200.jpg",300,200,true],"medium_large":["https:\/\/www.imotrumpeta.com\/wp-content\/uploads\/2021\/09\/cbn.jpg",640,426,false],"large":["https:\/\/www.imotrumpeta.com\/wp-content\/uploads\/2021\/09\/cbn.jpg",640,426,false],"1536x1536":["https:\/\/www.imotrumpeta.com\/wp-content\/uploads\/2021\/09\/cbn.jpg",644,429,false],"2048x2048":["https:\/\/www.imotrumpeta.com\/wp-content\/uploads\/2021\/09\/cbn.jpg",644,429,false],"elegant-magazine-featured":["https:\/\/www.imotrumpeta.com\/wp-content\/uploads\/2021\/09\/cbn.jpg",644,429,false],"elegant-magazine-medium":["https:\/\/www.imotrumpeta.com\/wp-content\/uploads\/2021\/09\/cbn.jpg",570,380,false],"elegant-magazine-medium-small":["https:\/\/www.imotrumpeta.com\/wp-content\/uploads\/2021\/09\/cbn.jpg",300,200,false],"elegant-magazine-thumbnail-small":["https:\/\/www.imotrumpeta.com\/wp-content\/uploads\/2021\/09\/cbn.jpg",50,33,false]},"author_info":{"info":["Imo Trumpeta"]},"category_info":"News<\/a>","tag_info":"News","comment_count":"0","_links":{"self":[{"href":"https:\/\/www.imotrumpeta.com\/index.php?rest_route=\/wp\/v2\/posts\/39080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.imotrumpeta.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.imotrumpeta.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.imotrumpeta.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.imotrumpeta.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=39080"}],"version-history":[{"count":1,"href":"https:\/\/www.imotrumpeta.com\/index.php?rest_route=\/wp\/v2\/posts\/39080\/revisions"}],"predecessor-version":[{"id":39081,"href":"https:\/\/www.imotrumpeta.com\/index.php?rest_route=\/wp\/v2\/posts\/39080\/revisions\/39081"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.imotrumpeta.com\/index.php?rest_route=\/wp\/v2\/media\/33721"}],"wp:attachment":[{"href":"https:\/\/www.imotrumpeta.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=39080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.imotrumpeta.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=39080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.imotrumpeta.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=39080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}