CBN worried over hoarding of new naira notes

The Central Bank of Nigeria says it has  observed some Nigerians are hoarding the new naira notes.

In a statement issued on Thursday, the Bank equally ordered banks to pay the new notes to members of the public making cash withdrawal.

The statement read, “We have equally noticed the queues at Automated Teller Machines across the country and an upward trend in the cases of people stocking and aggregating the newly introduced banknotes they serially obtain from ATMs for reasons best known to them.

“Also worrisome are the reported cases of unregistered persons and non-bank officials swapping banknotes for members of the public, purportedly on behalf of the CBN.”

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