CBN, banks argue over new Naira notes
•Currency supply from CBN insufficient — Banks •Dispenses mixture of old and new notes •Banks may be hoarding but we will fight them — CBN •Dispatches officials to monitor banks’ ATMs •The deadline should be extended — Customers WITH five weeks gone into the period of transition from old to new Naira notes and just barely one week to the deadline for acceptance of the old notes as legal tender, the Central Bank of Nigeria, CBN, and the commercial banks appear to be at logger heads over the circulation of the new notes. Financial Vanguard, in a working visits to several branches of commercial banks in Lagos and Abuja last weekend discovered that the banks were struggling to comply with a CBN directive mandating them to stop dispensing old notes and ensure that all their Automatic Teller Machines, ATMs, are adequately loaded with the new notes. They told Financial Vanguard that they do not have enough cash in the new notes to comply with the directive, adding that in the interim, they ha...