We Have Sufficient Naira Notes In All 37 Branches — CBN

The director, Legal Services Department at the Central Bank of Nigeria (CBN), Mr Kofo Salam-Alade, has assured that the CBN has  sufficient quantities of the new naira notes in all its 37  branches across Nigeria.

He blamed Deposit Money Banks (DMBs) for the challenges that members of the public are facing in trying to access the new banknotes.

Speaking at a sensitisation of stakeholders on its currency redesign policy held at the Computer Village, Ikeja, in Lagos, recently, Salam-Alade, who represented CBN Governor, Mr Godwin Emefiele, at the event said the apex bank was aware of widespread complaints across the country about the non-availability of the new bank notes and had taken steps to address the problem.

He said, “I can tell you today that the CBN, on a daily basis, issues out the new notes. I must let you know that we are actually begging commercial banks to come and take money from the Central Bank.

“We have this new money in our vaults and we are waiting for the banks to come and take it. I must also let you know the seriousness of the Central Bank for these new notes to permeate everywhere.

“We have found out that a lot of things have come up that we need to checkmate. We stopped withdrawal across the counter of new naira notes to ensure that everyone can have access to it and it would not be just one chief who is known to a manager and then would walk in there and cart away all the new naira notes in a particular branch.”

Continuing, he said, “Part of what we are doing is that we have monitors going around banks now. I have been to some ATMs and I have lodged reports. I have spoken to the management of the various banks.  And any bank I speak with their headquarters, I ask them where is the money we gave you? And we start hearing their explanations.

“We are not mobilising masses against the banks; the banks are there to serve you and be rest assured that they will serve you now that they know that the Central Bank is on them to serve you with the new naira notes.

“What you have been experiencing will ease off very soon because the banks know that there will be penalty for failing to come and pick money from Central Bank and from failing to actually lodge that money into their ATMs.”

The CBN Director, who urged members of the public to continue depositing their old notes into their bank accounts, said that the initial challenges that the naira redesign policy faced had now been addressed and that the new notes would be more widely available ahead of the January 31 deadline set by the apex bank.

According to him, the CBN holds weekly meetings with commercial banks to tackle issues that arise with regards to the implementation of the naira redesign policy.

He gave out phone numbers that members of the public can call to report any bank that fails to dispense the new notes through its ATMs.

On whether the CBN was considering extending the January 31 deadline, he said that there were no such plans, adding that the deadline remains sacrosanct.

Salam-Alad commended leaders of various associations at the Computer Village for collaborating with the CBN on the sensitisation campaign, stressing that the naira redesign policy would not only help boost economic growth but also aid the country’s anti-corruption war given that the new notes can be tracked.

After leaving Computer Village, Mr Salam-Alade led the CBN team on a courtesy visit to the Palace of the Olu of Ikeja Land, where they were received by the Olukosi of Ikeja, High Chief Lateef Oluseye.

At the Olu’s Palace, the CBN Director restated the objectives of the naira redesign policy and sought the traditional ruler’s support to ensure its success.