The Central Bank of Nigeria, CBN which is also regarded as the Apex Bank, has disclosed that any commercial bank that failed to pick up its new currency for distribution to customers will be fined N1 million daily.

This information was disclosed by the CBN Deputy Director, Research, Osun state branch, Adeleke Adelakun, while he was sensitising market traders at Ayegbaju International Market, Osogbo, Osun State.

According to him, “As of today, CBN has printed enough new naira notes of N200, N500 and N1,000. But, what we discovered was that most of the banks that are supposed to collect the new notes have not collected them. So we have put a sanction on the banks. Any bank that fails to collect the new notes from CBN will pay N1 million as sanction per box per day and the amount they are to pay now will depend on the number of days they have not collected the notes,” nevertheless, January 31st is still stated as the deadline for the deposits of the old notes and circulation of the new notes.