CBN Directs Banks To Release New Naira Notes In Zamfara

The Central Bank of Nigeria, CBN, has ordered Deposit Money Banks (DMBs) in Zamfara State, to release the new naira notes to Point of Sale (POS) operators or face sanction.

The CBN Controller in the State, Alhaji Buhari Abbas gave the order at a sensitisation exercise for POS operators in Gusau on Friday.

He said the measure was imperative to cushion the hardship being experienced by residents and business due to low circulation of new naira notes.

The directive came against the back drop of public outcry over scarcity of the new bank notes, as traders and businesses in the area refused transaction in old naira notes.

He said “the apex bank would not condone currency hoarding and defaulters would be sanctioned.”

The Controller urged the POS operators with banks accounts in Gusau, to access the new notes from the DBMs, and report erring banks.

According to him, “the daily transaction limit for POS operators is N500,000, while N10,000 per individual is for bank account holders.”

Buhari warned the POS operators to desist from charging customers above normal fee, warning that erring operators would would be prosecuted.

“The old naira notes remain legal tender till midnight Jan. 31,” he said.

Also, the Chairman, POS Operators in the state, Alhaji Kabiru Abubakar lauded the gesture, and promised to adhere to the normal cash withdrawal charge.

NAN/ Mercy Chukwudiebere