June 23, 2024
Redesigned Notes: CBN To Penalise Non-Compliant Gombe Banks
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Redesigned Notes: CBN To Penalise Non-Compliant Gombe Banks

The Branch Controller of Central Bank of Nigeria, Gombe State, Shehu Goringo, says the state has enough redesigned notes to serve about 3.5 million population residing in the state, adding that it would penalise banks over non-compliance.

Goringo made this disclosure during a market storm organised in collaboration with United Bank for Africa, where old notes were exchanged for traders in the Kwadom market.

According to him, the state had an adequate supply of the redesigned notes to serve residents, adding that the commercial would be sanctioned if they failed to release the notes to the public.

He said, “We are here in company of the banks specifically UBA, for the approved currency swap approved by the CBN. The CBN has made it known to the banks to desist from giving out old money, what we are interested in is for them to issue out the redesigned notes.”

Speaking about the perceived scarcity of new notes, Goringo added, “We have the notes available. We directed the banks to come and collect we opened Monday to Saturday. I will look at the issue and take necessary measures.”

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Goringo revealed that the CBN had measures to ensure that banks didn’t sabotage the process, adding that as for now the date remained January 31, 2022.

“Yes, there are measures. The CBN has introduced measures to checkmate them and there are penalties for non-compliance. Well for now, the date is sacrosanct and it’s still 31st January, 2022,” the branch controller said.
A trader, identified as Rabi’u Maimasara, said he was afraid of accepting old notes, stressing that the visit of the CBN had allayed his worries.

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