CBN directs banks to release new naira notes in Zamfara


Read audio

January 28, 2023.

Azonuchechi Chukwu.

The Central Bank of Nigeria (CBN) has ordered Deposit Money Banks (DMBs) in Zamfara, 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 charge on Friday at a sensitisation exercise for POS operators in Gusau.

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

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, warning that 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 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.

Naija247news reports that traders and businesses in Gusau rejected the old naira notes due to the alleged hardship they faced in depositing it in the banks.

The situation got worse leading to the near collapse of businesses due to the scarcity of new naira notes in the state. (

Azonuchechi Chukwu
Azonuchechi Chukwu
Ms Azonuchechi Chukwu has a BSC holder in mass communication Ebonyi State University

Share post:




More like this

Nigeria’s President-Elect Tinubu Remains “Medicalized” In French Hospital

Multiple reports from French Hospital in London reveals that...

I Doesn’t See Myself Handing Over Presidency to Tinubu, Buhari Tells Close Associates

Nigerian President Muhammadu Buhari has reportedly told his close...

World Athletics bans “medically turned women’ athletes from track, tightens testosterone rules

Transgender women who "have gone through male puberty" will...

BREAKING: Nnamdi Kanu’s brother loses London court challenge against UK

Kanu's brother, Kingsley Kanu, brought a judicial review against Britain's Foreign Office over its alleged refusal to acknowledge that Nnamdi Kanu, who holds Nigerian and British citizenship, was the victim of extraordinary rendition from Kenya to Nigeria in June 2021.