Shehu Goringo, the branch controller of the Central Bank of Nigeria in Gombe State, claims that the state possesses enough of the newly printed notes to cover the needs of its 3.5 million residents and that it will penalize banks for non-compliance.
At a market storm organized in conjunction with United Bank for Africa, when traders in the Kwadom market traded old notes, Goringo made this admission.
He said that the company would be punished if they failed to make the modified notes available to the general public, claiming that the state had a sufficient supply of them to serve people.
We are here in the presence of the banks, in particular UBA, for the CBN-approved currency swap, the man added. The CBN has instructed the banks to stop issuing old currency; instead, we want them to start using the newly designed notes.
Regarding the alleged dearth of fresh notes, Goringo continued, We have the notes. We told the banks to come pick up when we were open, which was Monday through Saturday. I’ll investigate the situation and take appropriate action.
Goringo stated that the CBN has safeguards in place to prevent banks from undermining the procedure, adding that the deadline remained January 31, 2022.
There are, in fact, measures. There are consequences for non-compliance, and the CBN has put procedures in place to checkmate them. The date is still January 31, 2022, for the time being, the branch controller said.
A trader named Rabi’u Maimasara claimed he was hesitant to accept outdated notes but that the CBN’s visit had allayed his concerns.
