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 to ensure that the redesigned naira notes are made available at all times of the day.
It also reminded banks of the implication of not complying with the directive of loading their ATMs with the new notes.
This is just as it maintains that the January 31, 2023 deadline date for the removal of old naira notes in circulation remains sacrosanct. This is coming with 20 days left before the January 31 deadline date.
The apex bank also explained that the additional features of the new naira notes are to curb menaces of counterfeiting and ensure a strong and effective legal tender in line with the mandate of the bank on best practices.
Following the complaints by Nigerians that the redesigned naira notes are not in circulation, the CBN said it had directed banks to load their ATMs with the new notes to enable customers have access to them even when banking halls are closed.
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 as people are giving out the old notes, they’ll be receiving the new notes. We have pushed a lot of the new redesigned currency notes into circulation and it is going round.”
On the unavailability of the new notes at the ATM, Koyor said: “I am assuring you that if you go to the ATM, you will get the new notes. The essence of giving the directive that the new naira notes should be dispensed through the ATM is so that it will be available to people during working hours and off working hours
“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.
“Everyone should have the assurance that the new naira notes is available. We are printing we are supplying it and we are distributing it. The process is ongoing and sooner or later everybody will have it.
“It is a directive coming from the apex and the banks are complying and we expect every bank to comply. You will not expect 100 per cent at the same time, but the CBN is supplying to the banks and the banks will be replacing them.
“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.
“There are implications for non-compliance from the bank, the central bank, we have supplied the banks and we have given them directive to make the notes available to the customer through the payment channels, which is the ATM.”
Speaking on calls for an extension of the deadline, he said: “right now, the deadline is 31st of January and it is not changing. We haven’t changed the deadline. As I speak with you, the deadline remains sacrosanct and what we are asking the public and the banks to do to surrender the old notes and take new ones.
“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”
Meanwhile, the CBN branch controller in Asaba, Mr Godwin Ikechukwu Okafor, supported by the officer, Currency Operations Department, Mrs Nneka Oduma, at Ogbeogonogo Market in Asaba Monday told mammoth crowd of traders that the colour swag of the new notes includes the magnetic security features of the redesign.
Besieging major market places in Delta state with enlightenment campaigns on the new naira notes to drive home the successes of the economic policies of the apex bank, he said the global perspective of the naira redesign was long overdue as the country failed for over 15 years to effect the vision of a perfect economy.
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.
“CBN wants to make Nigeria economy a cashless one, make it grow, viable and strong. On POS businesses, stakeholders are still meeting. All issues will be resolved. What is important now is to take all the money in circulation to banks who will inturn bring them to CBN.
On her part, Oduma, said the policy designing is not new, it is supposed to be between five to eight years, a global best practice. It has been long overdue. There is no political undertone, not targeted against anybody.
The chairman of Ogbeogonogo market. Mr Ambrose Onyealisi, a.k.a PACO, supported by a Director from the National Orientation Agency (NOA) in Delta, Mr Chris Anyanbuine said the fear of the unknown by members of the Market Traders Association and their customers has been allayed by the sensitisation.
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
