Banks Only Authorised to Dispense New Banknotes via ATMs, CBN Clarifies *Says no going back on January 31 deadline to phase out old N200, N500, N1,000 *Partners National Orientation Agency, markets’ associations on ag
*Partners National Orientation Agency, markets’ associations on aggressive awareness on naira redesign project from tomorrowThe Central Bank of Nigeria , yesterday, clarified that for now, banks were only authorised to dispense the new N200, N500 and N1, 000 banknotes through Automated Teller Machines . The apex said it had intensified efforts to ramp up circulation of the new notes.
Speaking on the distribution of the new naira notes, the official said, “Banks are barred from distributing the new notes over-the-counter. All new notes must go to the ATMs. The directive to the banks from the central bank is that as they must dispense through their ATMs nationwide and people can go to the ATMs to collect the money. They cannot dispense the new notes across the counter for now until the exhaust the new notes. And when that happen they can then upload the old notes.
CBN Governor, Mr. Godwin Emefiele, had on October 26, 2022, announced the central bank’s resolve to redesign, produce, and circulate new series of the N200, N500, and N1, 000 denominations. President Muhammadu Buhari, subsequently, on November 23, 2022, unveiled the redesigned banknotes during the weekly Federal Executive Council meeting.
“It is, therefore, basically the same as the other notes in circulation. It also leaves traces of intaglio inks when rubbed on plain white surfaces. It is, howe ver, important to note that new banknotes are generally light when issued, then become heavier in circulation on getting in contact with dirt and moisture.”
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CAMA 2020 and the end of authorised share capital regime, By Abimbola IzuWhile appreciating the constraints faced by companies and the rationale for taking what looks like an easy way out, one feels the need to examine the bigger implications posed by this statutory provision, and its implementation. One is hoping that this may trigger some discourse that may facilitate a review of the positions. The Companies […]
Read more »
CAMA 2020 and End of Authorised Share Capital Regime: Implications for Companies – THISDAYLIVE
Read more »
Cashless Policy: Banks Stops Dispensing Redesigned Naira Over The CounterAs the cashless policy of the Central Bank of Nigeria which restricts the amount of cash that can be withdrawn by customers over the counter and via A
Read more »
Banks Have Enough New Naira Notes to Meet Demand, CBN Insists – THISDAYLIVE
Read more »
Benin elects lawmakers, with opposition allowed to stand | The Guardian Nigeria News - Nigeria and World NewsBenin voted for a new parliament on Sunday with opposition candidates authorised to stand in the legislative elections for the first time in four years under President Patrice Talon.
Read more »
Central Bank Of Nigeria Bans Over-The-Counter Withdrawal Of New Notes, Directs Banks To Load Automated Teller Machines | Sahara ReportersThe Central Bank of Nigeria has directed banks to load their Automated Teller Machines with only new notes to ensure that the currency circulates across the nation ahead of the January 31, 2023, deadline when the old notes will no longer be legal tender. CBN also order Deposit Money Banks not to pay customers making over-the-counter withdrawals of new naira notes again. This was contained in a issued memo to all the branch managers to enforce the CBN order, ordering that the implementation must begin immediately.
Read more »