Investors are cutting ties with Access Bank, Guaranty Trust Holding Company (GTCO) and other firms in the Nigerian banking industry amid the threat of financial sanction from the Central Bank of Nigeria (CBN) over the circulation of new naira.
Last week, Ripples Nigeria had reported that the financial regulator threatened to impose a N1 million fine on any Nigerian bank that fails to pick up the new Naira notes for distribution to customers in the country, as the apex bank races to increase supply before January 31, 2023, when the old N200, N500 and N1,000 banknotes expire.
Recall that the central bank had stated that Nigerian banks wer not coming to pick up the redesigned banknotes of N200, N500 and N1,000.
Although there have been reports that the new naira notes are not sufficient for circulation, prompting the financial regulator to direct banks to halt over-the-counter withdrawal of the redesigned currencies.
It ordered banks to load their Auto Teller Machines (ATMs) instead, to hasten circulation and prevent banks from prioritising politicians and High-networth Individuals (HNIs)
