Financial institutions that are stockpiling the new naira notes will face harsher punishments, according to the Central Bank of Nigeria (CBN).
In response to the claim that not enough notes were released, the apex bank threatened action on Wednesday.
At a press conference in Jos, the Plateau state’s capital, Musa Jimoh, director of the Payment System Management Department, refuted the assertion.
Jimoh stated that the CBN had “massively delivered” the new notes to banks for use in both ATMs and counter-top dispensing.
“This will facilitate rapid circulation. Commercial banks are advised to stop keeping funds hidden from the public or face harsher penalties.
According to Jimoh, the decision to redesign the naira is in line with the international convention, which states that currency notes should be updated every five years.
While reiterating that the deadline is still inviolable, the director recommended citizens deposit their old notes and collect new ones.
CBN Governor Godwin Emefiele announced on Tuesday that the January 31 deadline would not be extended at the Monetary Policy Committee meeting in Abuja.