CBN Threatens to Sanction Banks over Failure to Load ATMs with New Banknotes •Insists there are enough new N200, N500, N1,000 to go round Nume Ekeghe in Lagos and James Emejo in Abuja The Central Bank of Nigeria (CBN) has
Nume Ekeghe in Lagos and James Emejo in Abuja
Umar explained that the purpose of the CBN directive was to implement the January 31 deadline for the withdrawal of old naira notes in circulation. “And there is a serialisation of the policy that they can put either N500, N1,000 or N200 notes, whichever denomination they have or combination of any of those notes, they should just put new notes in their machines.”
“So, if currency notes stay too long in the system, there is a tendency that people who counterfeit make a lot of efforts to produce the same notes. So, that is why there is a need to change our notes regularly,” he added. Also speaking, the Director General, NOA, Garba Abari, said the partnership with the CBN was geared towards educating the agency’s staff to assist in enlightening Nigerians on the naira redesign policy.
Koyor said: “We are giving everyone the assurance that the new naira notes are available to everyone. We are distributing through the banking system. And as transactions take place, you are going to be having the new ones. “Everyone should have the assurance that the new naira notes are available. We are printing; we are supplying it and we are distributing it. The process is ongoing and sooner or later everybody will have it.
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