.cenbank to penalise banks that fail to load new naira notes in ATMs | TheCable
Ahmed Umar, CBN director, currency operations, made this known in Abuja on Monday at the training session for state directors of the National Orientation Agency .to halt dispensing the new currency notes over the counter — and to only make them available via ATMs.
“We, CBN management, have mandated banks to stop putting old notes in their ATM machines. They should only put the new notes. “Over that period, what it did to us was to create an avenue for some people to master the act of counterfeiting the note.“If you notice the N1000 note that was introduced in 2005, it took 17 years for us to redesign it. N500 and N200 notes were also redesigned after 21 years and 22 years respectively.
“It is simple logic, the effort you put to counterfeit N1000 is the same effort you put to counterfeit N5,” he said.
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