<\/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