Pegasus Reporters News on the Wing
“Corporates that require cash should only be given the old N100 notes and below. Corporates must not be given the new notes…All new notes have tracking numbers to trace them back to State, Bank and Bank branches. So notes confiscated at parties and other locations can be traced back to the Bank and applicable branch”
*CBN Governor, Godwin Emefiele
PEGASUS REPORTERS, LAGOS | JANUARY 30, 2023
The Central Bank governor yesterday sought audience with President Muhammadu Buhari over the the ongoing old naira swap for the new as embarked upon by the apex bank.
While the full discussion held with the president were not made public, report received by Pegasus Reporters indicated that the apex bank has put in place stringent measures to ensure that the old naira note swap was not hijacked by certain elements in the country.
It will be recalled that a media statement (see video below) read by the CBN governor indicated that as at 2015 total currency in circulation was only 1.4trillion naira and had rising to over 3.23trillion as of October in 2022 leaving a banking system bereft with only 500billion. and 2.3trillion held in private vaults by unknown people.
While stating that the policy had the capacity to bring down inflation and the rising exchange rate, the governor observed that it was also aimed at checking banditry and kidnapping. Emefiele explained that the apex bank is aware of the connivance of certain bank official and vowed that such will adequately be sanctioned according to the law.
The following rules according to our report are handed down to all deposit bank and will be strictly monitored:
1. No Bank is authorised to pay out OLD NOTES again via ATMs or in bank branches over the counter
2. No payment of new notes over the counter. Banks are only allowed to release new notes via ATMs.
3. Corporates that require cash should only be given the old N100 notes and below. Corporates must not be given the new notes.
4. EFCC/ICPC officials will accompany CBN examiners to inspect bank branches over the next two weeks to assess full Compliance with CBN guidelines above.
5. Officials of branches that fail to comply or that release cash to Corporates and Politicians will face termination of their contracts and the respective banks will be sanctioned
6. No branch should allow an individual with multiple Debit cards to do multiple transactions on ATMs.
7. All new notes have tracking numbers to trace them back to State, Bank and Bank branches. So notes confiscated at parties and other locations can be traced back to the Bank and applicable branch.
Please note that no new notes for anyone over the counter in branches.
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