Central Bank of Nigeria
Stop Putting Old Naira Notes In ATM Machines, CBN Tells Banks
Fred Omotara, Lagos
The Central Bank of Nigeria (CBN) has mandated commercial banks to stop putting old naira notes in their Automated Teller Machines (ATMs).
CBN Director of Currency Operations, Mr Ahmed Umar, made this known in Abuja on Monday at the training session for state directors of the National Orientation Agency (NOA) on the redesign of currency notes policy.
Umar said that the CBN’s directive was to implement the January 31 deadline for the withdrawal of old naira notes in circulation.
“We want to use this training session to pass the message that the CBN has enough currency notes to go around the general public.
“We, CBN management, have mandated banks to stop putting old notes in their ATMs. They should only put the new notes.
“And there is the serialization of the policy that they can put either N500, N1000 or N200 notes whichever the denomination they have, or a combination of any of those notes; they should just put a new note in their machines.
“We are going to monitor to ensure that the banks comply and if they don’t, we have a penalty for non-compliance,” the CBN director said.
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