The Central Bank of Nigeria will be monitoring commercial banks to ensure that they comply with the directive of loading the redesigned naira notes in their Automated Teller Machines.
The CBN Director, Currency Operations, Ahmed Umar, made this known in Abuja on Monday at the training session for state directors of the National Orientation Agency.
“We, CBN management, have mandated banks to stop putting old notes in their ATM machines. They should only put the new notes. According to him, in many countries of the world, it takes few years to change a currency note design.“Over that period, what it did to us was to create avenue for some people to master the act of counterfeiting the note.“If you notice N1,000 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.
“So, why will they waste their energy doing small note? They always target the higher note particularly N1,000 because of the value attached to it,” he said.
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