The Central Bank of Nigeria (CBN) has warned commercial banks should stop putting old naira notes in its Automated Teller Machines or face a penalty.
The CBN stipulated January 31, 2023, as the deadline for issuance and circulation of the old N200, N500 and N1,000 denominations of the country's currency following the introduction of new banknotes.
SaharaReporters had reported that with a few weeks to the deadline given by the Central Bank of Nigeria (CBN) for the use of the old naira notes, a cross-section of Nigerians across the country have lamented the scarcity of the new naira notes.
They lambasted President Muhammadu Buhari’s administration for spending a huge amount of money on redesigning naira notes despite Nigerians' objections.
Amid the rising demand for the new naira notes, the CBN dismissed speculations over the inadequacy of the new notes in the Deposit Money Banks (DMBs), saying the banks had enough new notes to circulate across the nation ahead of the January 31 deadline when old notes would cease to be a legal tender.
The CBN also clarified that it did not ban the banks from paying customers the new notes over the counter, pointing out that the directive to the banks to dispense new notes via Automated Teller Machines (ATM) was to complement over-the-counter transactions and increase the circulation of the redesigned notes.
However, the Apex bank Director, Currency Operations, Mr Ahmed Umar, while speaking at the Training Session for State Directors, National Orientation Agency (NOA) on Redesign of Currency Notes Policy in Abuja on Monday, reiterated that CBN had directed the banks to load their ATMs with only new notes to ensure that the currency circulates across the nation ahead of the January 31 deadline.
He urged commercial banks in the country to make sure that they comply with the directive of loading the newly redesigned naira notes in their Automated Teller Machines (ATMs).
Mr Ahmed said the CBN’s directive was to implement the January 31 deadline withdrawal of old naira notes (N200, N500 and N1000) in circulation.
He said, “We, CBN management, have mandated banks to stop putting old notes in their ATM machines. They should only put the new notes.
“And there is a serialisation of the policy that they can put either N500, N1000 or N200 notes whichever denomination they have or combination of any of those notes, they should just put a new note in their machines.”
“We’re going to monitor to ensure that the banks comply, and if they don’t, we’ve penalty for non-compliance,” he added.