The Central Bank of Nigeira (CBN) has explained that the reason it directed banks to load their Automated Teller Machines (ATMs) with the new notes is
Speaking during a stakeholder sensitisation exercise on the currency redesign at the popular Balogun market in Lagos, the CBN Lagos Branch Controller, Godfrey Bariboloka Koyor assured that there are enough of the new notes to go round.“We are giving everyone the assurance that the new naira notes is available and it is available to everyone. We are distributing through the banking system. And as transaction takes place, you are going to be having the new ones.
“So, whether it is banking hours or outside the banking hours, if you go to your ATM, you will get the new naira notes. it is a directive that the apex bank have given to all deposit money banks make the money available in the machines so that people can have access to it and we are supplying them with the new notes and they are making it available to the machines.
“But this is an order coming from the apex bank that all ATM machine henceforth should be loaded only with the new notes. And so we expect compliance from the banks. And we believe that they are complying because they know the implication of non compliance. “We have new notes enough in supply we have enough. Give us the old notes you have your possession, give it out, deposit it to your bank, let your bank bring it to us and collect new notes. We have enough of the new notes available for every Nigerian and we are supplying it”
He however expressed worries about the shortage of the new notes in circulation and ruled out the highly speculated political undertone ahead of 2023 general elections, stating that CBN is doing its best to control excesses.
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