CBN Inspects ATM Galleries for New Redesigned Notes, Banks’ Compliance – THISDAYLIVE

CBN Inspects ATM Galleries for New Redesigned Notes, Banks’ Compliance Fidelis David in Akure Officials of the Central Bank of Nigeria (CBN) on Thursday stormed Automated Teller Machine (ATM) galleries in different comme

Officials of the Central Bank of Nigeria on Thursday stormed Automated Teller Machine galleries in different commercial banks in Akure, the Ondo State capital, with a view to ensuring compliance with the payment order on new redesigned naira notes.

The CBN Director, Branch Operation, Mrs. Elizabeth Fasoranti, who led a team of officials of the apex bank to GTBank, Zenith and Wema Bank ATM galleries at Alagbaka, Ijapo Estate, Akure, to verify if the ATMs were dispensing new redesigned naira notes, said the level of compliance is improving. She said: “CBN believes that this exercise would help in increasing financial inclusion, moving towards a more cashless economy, and ensuring greater formalization of the Nigerian economy. The currency redesign would assist in the fight against corruption, as the exercise would rein in the higher denomination used for corruption and the movement of such funds from the banking system could be tracked easily.

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