Naira notes: Coalition threatens to shut down banks that aren’t complying

• Claims governing class and DMBs are sabotaging the process

The Coalition of Civil Society Groups has warned to close any commercial banks that do not give Nigerians access to the new naira notes.

At a news conference held in Lagos State on Tuesday, the organization issued the threats in response to Deposit Money Banks’ refusal to comply with the extension of the deadline for the exchange of old N200, N500, and N1000 notes.

The Central Bank Governor, Godwin Emefiele, stated on Sunday that the original deadline of January 31, 2023 would now be extended to February 10, 2023, with an additional seven days of grace.

They added that they would keep an eye on bank operations during the time of the deadline extension to make sure the CBN rules were being followed.

“As the social conscience, we rise to urge those taking part in the sabotage effort to stop and work together to make sure that the extension granted will be effectively used. From this point on, we won’t think twice about shutting down any banks linked to the sabotage.

Since the debut of the new naira notes, we have observed saboteurs working against the policy through a number of coordinated attempts to sabotage the entire procedure. The original deadline of January 31, 2023 for depositing old currency and exchanging it for new notes has been challenged and sabotaged numerous times by various kinds of people who have illegal lump sums at home. The CBN’s implementation of the currency change will undoubtedly enhance the Bank’s monetary policies, which are intended to combat inflation and stabilize the economy.

“While the majority of the population supported the program, we are horrified to see that our governing class and some citizens are opposed to it and battling it openly without a shred of national pride. The sabotage role several commercial banks played is noteworthy. Corrupt bankers and their supporters now routinely hoard new naira notes. To make sure that these banks are following the CBN standards, we will independently monitor their actions.

The group also praised the CBN Governor, Godwin Emefiele, for his efforts, noting that they had also taken steps to ensure public awareness of the apex bank’s efforts to make the new naira notes available.

They urged Nigerians, especially those living in rural areas, to exchange their old currencies for the new ones by taking advantage of the deadline extension.

This is also a call for all Nigerians to take advantage of the new extended date for the exchange of old currency notes for new ones through commercial banks and designated agents around the nation, particularly in rural regions where we don’t have commercial bank activity. We urge Nigerians to join us in ensuring that the new currency policy is successful for the sake of our economy. We will continue to support the CBN’s good initiatives.