CBN warns commercial bank against ATM dispensing old naira

The Central Bank of Nigeria, CBN, has warned of consequences for commercial banks found to be stocking their Automated Teller Machines (ATM) with old

Speaking on Thursday in Lokoja, the Kogi State capital, during the sensitisation of market people about the redesigned naira notes, Deputy Director, Currency Operation, Dr Rekiyat Yusuf said that any ATM found to still have old notes would be shut down and appropriate sanction applied on the operating bank.

“There is no reason for banks to still be stocking their Automated Teller Machines with old notes and the apex bank has made enough redesigned notes available for dispensing to members of the public,” she said adding that any bank caught would be made to “face appropriate sanction.” Other reasons identified include a lot of money outside the banking system which fuels inflation and the need to fulfil international best practices of redesigning currency once in five to eight years.

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