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HomeNewsEconomyNaira Redesign: Sanction any bank hoarding new notes – Adeleke tells CBN

Naira Redesign: Sanction any bank hoarding new notes – Adeleke tells CBN

Governor of Osun State, Ademola Adeleke, has warned against hoarding of new naira notes by commercial banks.

Adeleke also urged the Central Bank of Nigeria (CBN) to sanction financial institutions involved in such anti-people activities.

The Governor stated this while addressing CBN officials in his office on Monday.

Adeleke decried the increasing shortage of the new notes, explaining that he has been deploying state networks to douse tension and ensure the safety of banks and the CBN state office.

According to the Governor, his intervention in the last few weeks had ensured that Osun State is saved from the increasing conflict affecting some South Western states.

The governor’s comments were contained in a statement issued by Adeleke’s Spokesperson, Malam Olawale Rasheed, on Monday.


“The situation is getting out of hand. The CBN must act fast. Any bank hoarding the new notes must be sanctioned. We should not treat such banks with kid gloves,” Adeleke said.

“My people are patient but we should not take their patience for granted. That is why I called this meeting. Why are the new notes not available? Is the supply small or inadequate? “, the Governor queried.

Adeleke expressed the readiness of his government to partner with the CBN for the currency swap, informing the CBN team that the state is sacrificing a lot to maintain peace and calm frayed nerves.

“The new notes are not available. Even as a State Governor, I don’t have the new notes. You can see how hard it is for our people to access the new currency if their Governor is not getting them. We should not overstretch the cooperation we are enjoying from the citizenry. We are expected as elected and appointed leaders to respond to the needs and aspirations of our people,” Governor Adeleke admonished.




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