Home BUSINESS BANKING & FINANCE CBN Set Trap For Banks, Bankers Trying To Shortchange Cash Swap

CBN Set Trap For Banks, Bankers Trying To Shortchange Cash Swap


“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.”
This is a trap which the Central Band of Nigeria (CBN) has set for commercial Banks and other financial institutions as well as the officials working in them, who engage in subverting the cash swap of the new naira notes.
In a set of guidelines released today, January 29, shortly after the Bankers Committee meeting in Abuja, CBN said that officials of the branches of banks who fail to comply or who release cash to Corporates and Politicians will face termination of their contracts and the respective banks will be sanctioned.
It warned that no branch should allow an individual with multiple Debit cards to do multiple transactions on ATMs.
CBN insisted that no Bank is authorised to pay out old notes again via ATMs or in bank branches over the counter
It stressed that there would henceforth, no payment of new notes over the counter.
“Banks are only allowed to release new notes via ATMs.
“Corporates that require cash should only be given the old N100 notes and below. Corporates must not be given the new notes.”
The apex Bank drew attention to the fact that officials of the Economic and Financial Crimes Commission (EFCC) and that of the Independent Corrupt Practice and other related matter Commission (ICPC) will accompany CBN examiners to inspect bank branches over the next two weeks to assess full Compliance with the new CBN guidelines.
The CBN Governor, Godwin Emefiele, had, after consultation with President Muhammadu Buhari in Daura, Katsina State, announced the extension of the deadline for the deposit of old note from January 31 to February 10.

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