The Central Bank of Nigeria (CBN) may have reversed the earlier directive stopping banks from loading Automated Teller Machines (ATM) with higher banknotes, saying financial institutions are at liberty to pay in any denomination through the channels.
• Depositors still paid in old banknotes
With the reversed policy coming into force, yesterday, customers expected the banks to commence dispensing N200 notes at ATM points. But in what was considered a contravention of the regulatory directive, virtually all ATMs in Lagos continued to dispense N1000 and N500, which the CBN sees as non-transactional but a store of value in its effort to reduce cash-based transactions.
The clarification suggests that commercial banks are not under an obligation to pay customers the scarce lower denominations through the ATMs. The majority of ATMs are configured on N1000, while a few pay N500. But contrary to the CBN’s positions, ATMs continue to pay in the banks scheduled for demonetisation from the end of this month.
Three out of five people interviewed said they think Nigerians need more time to familiarise themselves with the new notes, while one out of 10 respondents said they are not “bothered”.
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