New Notes: CBN Meets Commercial Banks In Gombe, Warns Against Malpractice


The CBN, in collaboration with the Economic Financial Crime Commission (EFCC), has met with officials of commercial banks in Gombe as a measure against violation of its guidelines.

Speaking to newsmen shortly after the meeting in Gombe on Saturday, Aliyu Ashiru, Deputy Director, Financial Markets Department, the CBN Directorate Headquarters, said the meeting was in line with the need to ensure strict compliance to CBN guidelines.

Ashiru said the engagement was to also caution commercial banks against any attempts to sabotage the circulation of the new notes in the state.

He said that the apex bank was committed to ensuring that notes made available to banks were accessibility to the public.

He said that the proper implementation of the currency redesign policy of the CBN was key, hence the need to engage key stakeholders to ensure that the policy benefitted Nigerians.

“The meeting is in furtherance of our engagement that we have been having with the banks so as to smoothen all the rough edges in the implementation of the currency redesign policy.

“Over time, we have had meetings with them where we drew out strategies as to how to drive the project so that the benefits will be good to everybody.”

Ashiru said during the meeting, the need to ensure strict implementation of some changes to the guidelines of the policy was also discussed.

“ There is now Over the Counter (OTC) transactions with payment of N20,000. It is for this modification that we have called them to discuss with them.

He said this would let them understand the process and how it worked.

On the supply of new notes, the CBN official said enough supply of the new notes had been made to banks for weekend and weekday withdrawals, to increase the circulation of the new notes in the state.

Ashiru appealed to residents of the state to be patient as the CBN was working to ensure availability of the new notes to reduce the long queues and time taken to withdraw money from the ATMs.(NAN)