Central Bank Of Nigeria Inflict A Heavy Punishment On Any Bank Caught For Disbursement Of Old Naira Note

The situation of Nigeria new naira note redesign has been one of the most sought after news in Nigeria especially due to the poor circulation of the new naira notes. Though I don't see anything special about the new naira note as the only changes made about the notes is just the color but it is what it is.

The new naira note redesign which has been announced by the central bank of Nigeria to be in circulation and bring an end to the era of the old notes. But towards the end of last year, the circulation of the new naira note redesign has been slow and poor as well, as many banks as still disbursing the old naira note to the public. Though, at first the new naira note was not accepted by the traders as some people are rejecting it with the fear that the money maybe fake since the new naira note redesign is not well circulated among the people.

Towards the end of last year, the central bank of Nigeria and the government has made people to be aware that the old naira notes will become useless comes 31st of January and they have warned every individual to make sure to deposit the old naira notes to the bank before this date to avoid being at loss since the old naira note won't be functioning anymore and won't be acceptable as well.

At the start of the month of January 2023, the central bank of Nigeria realized that the circulation of the new naira note has been poor and noticed that almost every banks in the country are still disbursing the old naira note and this is the reason why they decide to take a huge step by imposing a punishment of a sum of #1,000,000 fine to any bank caught of disbursing out the old naira note. That is a huge amount I think $1342.91 I think.

And I must say that the banks are scared to face the punishment lolz 😁 as there is positive changes towards the new naira note disbursement. I myself witnessed a positive changes towards the disbursement of new naira note at the bank today when I went to withdraw some cash at the ATM machine. I noticed that all the ATM machines are disbursing the new naira note and this is a great sign that in no time, the new naira note will circulate all over the country and solved the issue of rejection of the new naira note and this will also bring peace among the Nigeria citizens.

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