Posted by On Monday, the Central Bank of Nigeria (CBN) ordered the nation’s commercial banks to make sure they adhered to the instruction to load the freshly redesigned naira notes in their automated teller machines (ATMs).
This was said on Monday in Abuja by Mr. Ahmed Umar, Director of Currency Operations at the CBN.
Commercial banks should stop using outdated currency at ATMs, according to Umar, who spoke at the National Orientation Agency (NOAtraining )’s session for state directors on the topic. Failure to do so could result in fines.
Umar claims that the CBN was instructed to carry out the deadline removal of the old naira notes (N200, N500, and N1000) in circulation by January 31.
“We, the CBN management, have ordered banks to stop using outdated currency at their ATMs,” Umar added. Only the new notes should be inserted.
“And there is a serialization of the policy that they can enter either N500, N1000, or N200 notes into their machines, regardless of the denomination they have on hand or the mix of any of those notes.
We’ll keep an eye out to make sure the banks are following the rules, and if they aren’t, we’ll impose penalties.