CBN Directs Banks to Commence Dispensation of Fresh Naira Notes
The Central Bank of Nigeria has issued a directive to all commercial banks to initiate the payment of new naira notes to customers at their over-the-counter banking halls.
This announcement, confirmed by the bank’s Director of Corporate Communications, Osita Nwanisobi, in a statement released on Thursday, promises that the persistent lines at Automated Teller Machines (ATMs) will soon come to an end.
“We have been keenly observing the extended queues at ATMs across the nation and a noticeable upward trend in cases of individuals stockpiling and aggregating new banknotes they obtain from ATMs, for reasons that are only known to them,” said Nwanisobi in the statement. “Also of concern are the reports of unregistered individuals and non-bank officials swapping banknotes for members of the public, claiming to act on behalf of the CBN.”
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CBN Calls for Bank Operations on Sundays
In a determined effort to retire all unwanted old naira notes still in circulation, the Central Bank of Nigeria (CBN) has directed all banks in the country to be operational on Sundays.
The Director of Currency Operations, Ahmed Umar, made this known during a press conference in Katsina on Sunday.
Umar further stated that the apex bank has ruled against banks dispensing the new notes over-the-counter and instead, through ATMs, to eliminate any discrimination between big and small customers. “We believe that ATMs will provide equal access to the new notes, and we can track the volume of disbursements through the log on the ATM,” Umar explained.
In Katsina, over 750 registered agents are linked to three banks. The CBN has disbursed N120 million to these banks to be issued to the agents, with each agent expected to receive N500,000 per week to distribute in their communities.
The CBN has been monitoring the agents to ensure that the new notes are being used as intended. “We are relying on the agents to help those in remote communities without banks or ATMs to receive the new notes,” Umar stated.
The CBN is also conducting additional cash swap programs for local governments in the state to ensure that everyone, particularly those with less than N10,000, can exchange their old notes for new ones.
Regarding appeals for an extension of the deadline, Umar, the CBN Director of Currency Operations, emphasized that there are no new directives on the matter, and the deadline remains 31 January 2023. “We advise people to adhere to the deadline and deposit their money.”
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