CBN Allocates N120m New Notes to Banks in Katsina Francis Sardauna in Katsina The Central Bank of Nigeria (CBN) has allocated N120 million of the new currency to four commercial banks for disbursemen
The Central Bank of Nigeria has allocated N120 million of the new currency to four commercial banks for disbursement to residents of Katsina State through registered agents as part of efforts to ensure the availability of the new notes in the state.
“And the agents are supposed to collect from the banks N500,000 per week to disburse in their communities. We know that there are some communities where there are no banks, and it’s difficult for people in those places to go and deposit their old currency to get the redesigned ones.” The CBN director of currency operations warned banks agents, especially those operating Point of Sale machines to desist from overcharging customers or face sanction from the bank.
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