The Central Bank of Nigeria (CBN) has warned commercial banks in the country to stop putting old Naira notes in ATMs or face a penalty.
The CBN had on November 8, said it had finalised arrangements for the new currency to begin circulation from December 15, 2022, after its launch by President Muhammadu Buhari.
The bank explained that the new and existing currencies shall remain legal tender and circulate together until January 31, 2023, when the existing currencies shall cease to be legal tender.
With 21 days to the deadline given to Nigerians to deposit their old notes, the Central Bank of Nigeria (CBN) has reiterated that there will be no extension.
Amid complaints that the new naira notes are not fully in circulation, the Central Bank of Nigeria (CBN) on Friday launched a countdown to the January 31 deadline when the old notes will cease to be legal tender.
The Quest Times earlier reported how reactions had trailed the countdown by CBN as Nigerians took to their Twitter handles to express their grievances on the new development.
ALSO READ: Your old N1000, N500, N200 notes will be unusable by February, CBN says
Amid the rising demand for the new naira notes, the Central Bank of Nigeria (CBN) dismissed speculations over the inadequacy of the new notes in the Deposit Money Banks (DMBs), saying the banks have enough new notes to circulate across the nation ahead of the January 31 deadline when old notes will 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 the 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).
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.