Ten days to the January 31 deadline set by the Central Bank of Nigeria for the old N1,000, N500 and N200 notes to cease being legal tender, Saturday PUNCH has discovered that the apex bank has reduced the amount it makes available to Deposit Money Banks from N4bn weekly to N700m.
Akinpelu Dada, Damilola Aina, Dennis Naku, Hindi Livinus, Maiharaji Altine and Abiodun NejoTen days to the January 31 deadline set by the Central Bank of Nigeria for the old N1,000, N500 and N200 notes to cease being legal tender,has discovered that the apex bank has reduced the amount it makes available to Deposit Money Banks from N4bn weekly to N700m.
“However, the cash is drying up as each bank is now being given N700m weekly with the CBN directing that the money should only be loaded in ATMs and not dispensed over the counter. The truth is there is not enough cash in the banks as we are mopping up the old notes in order to beat the CBN deadline.”Saturday PUNCH,When pressed further, he said, “I am with some people now; I can’t talk to you further.
This is a new development as bankers had hoped before now that the apex bank would extend the deadline since they could not meet up with the demands of their customers for the new notes. “It is true that the apex bank has asked commercial banks to come to its offices in all states of the federation to pick up new notes for their customers, but CBN is pushing all the commercial banks to load their machines with the new notes. We have been mandated by our bank to evacuate all the old notes from our ATMs by Monday in order to beat the deadline given by the CBN.
The manager added that his bank had developed a checklist for branch managers and those in operation to ensure compliance with the CBN directive. “List of customers/accounts that withdrew from ATMs in the period January 11 to 19, 2023 detailed into old and new note recipients.”
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