CBN Orders Banks To Stop Issuing Old Naira Notes, EFCC To Monitor Compliance

The Central Bank of Nigeria (CBN) has ordered banks to stop paying customers old N1,000, N500, and N200 notes as the new deadline for the phase-out of the old naira notes approaches.

CBN governor Godwin Emefiele announced in a statement that the apex bank is collaborating with the Economic and Financial Crimes Commission to ensure that all banks abide by the directive.

“We deployed all our staff, particularly the assistant directors, deputy directors and directors in Abuja to proceed to all CBN branches nationwide to join the mass mobilisation campaign and monitoring programmes, working with the deposit money banks, agents and our branch controllers across the 36 states of the federation,” he said.

The CBN governor added, “We have agreed with the executive chairmen of the EFCC and ICPC to assist us by sending their staff to all CBN and DMB branches nationwide to join in monitoring the implementation of these guidelines.

"The aim is to ensure compliance with the laid-down guidelines.”

The directive came as Nigerians struggle to withdraw the new naira notes.