CBN Warns Banks Over Mutilated Notes

The Central Bank of Nigeria (CBN), has warned that it would no longer tolerate complaints from commercial bank customers over payment of mutilated notes whereas mint notes found their way to the black marketers who sell them out for spraying at social functions.

Mrs. Tope Omade, CBN’s director, Branch Operations Department, gave the warning during a one-day Customer Forum held in Asaba.

She promised that CBN will continue to beam its search light on commercial banks and other allied banks as well as officials of such banks who are involved in the sharp practices of hoarding mint notes and selling same to black marketers, just as she condemned the attitude of some Nigerians who still indulge in spaying naira at social functions in violation of the law banning spraying of the currency.

According to her, “no bank should henceforth pay customers with unfit and mutilated notes. Plans are on to ensure that strict sanctions were meted out on commercial banks that are still dispensing bad, unfit and mutilated currency notes to the public.

We have the serial numbers of all the mint notes in circulation and we are going to make sure that we trace those banks and their officials who are still involved in the shoddy deals of selling those mints to black marketers”.

Dame Elizabeth Oyibo-Agu, Asaba Branch Controller of CBN, in her key-note address on ‘Delivering Customer Service Excellence’, tasked bank officials “to always focus on service delivery,  give the best experience, create unique customer experience, always improve on their experience as well as accord due respect to their customers with strong emphasis on their time and opinions”.

The forum  was attended by representatives of the various commercial banks, Development Money Banks (DMBs), Micro-Finance Banks (MFBs), Bureau de Change (BDCs), Ministries, Departments and Agencies (MDAs), among others.