Queue at the filing station The President, Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
By Akinola Ajibade
The Central Bank of Nigeria (CBN) will sanction any bank that is dispensing old naira notes at its automated Teller Machines(ATMs) in Calabar, South South-South state of the country.
This happens, as the apex bank branch in Calabar, decided to sensitise people in the markets and streets in Calabar and beyond on the need to comply with the CBN directives on the use of new naira notes in the country.
In a statement issued by CBN in Calabar recently, its officer, Mrs. Glory Iniunan, reminded banks operators of the threat during the sensitisation exercise on the acceptance and deadline of the redesign naira notes at Watt, Ikot Ishie, 8miles and Marian markets.
Iniuan said: “What we are here for is to sensitise the people on the acceptance, the deadline of the redesign naira notes. To let them know that as from 31st January, 2023, the old notes will size to be a legal tender and as at 1st, February, 2023, the new note will come to play completely, we are not going to use the old notes anymore. Anybody that has the old notes should take it to the bank before January 31st 2023 to get the new notes.”.
She said CBN has started a spot check on banks across the state, threatening to sanction any bank found dispensing the old notes.
The CBN controller further stated,”banks are not supposed to feed the Automated Teller Machines with the old notes but if you go over the counter, we are still giving the old notes, the reason being that it is the ordinary people that uses the ATM, we want the money to circulate.
“You can still collect the old notes over the counter and use but return to the bank before 31st of this month, by then, they must have received enough to give to you as exchange. So for now, the ATMs are dispensing new notes. We have given them and it is sanctionable offence for you to dispense old notes and all the banks knows this.
“In the rural communities, banks have their agents, like the POS agents are the ones circulating the new notes in rural communities. We are doing spot check to know the banks that are still dispensing old notes through ATMs. Even in the weekends, we do spot check, any ATM found dispensing old notes, we make report to the head office and they have sanction for them.” She stressed.
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