Author: philip
The Central Bank of Nigeria (CBN) has reported that it has been begging commercial banks to pick up the new Naira notes. According to the apex bank, the old N200, N500, and N1000 notes, will cease to be legal tender by January 31, 2023.
Concerns are rising as new notes have been scarce as we approach the less than 14 days deadline.
The directive from CBN was for commercial banks to fill their ATMs with the new note but yet the problem of scarcity of new notes has persisted. In efforts to check this, the apex bank introduced different measures, including banning over the counter payment with the new notes.
The Head of the legal department of CBN, Kofo Salam-Alada at a sensitization programme in Lagos said that “the CBN will go tough on banks that continue to fill their ATM machines with old naira notes as the deadline to phase out the notes nears.”
He further said, “I can tell you today that the CBN on a daily basis issues new notes. As we speak, banks are with the CBN taking money. We are actually begging banks to come and take money from the Central Bank. We have these new naira notes in our vaults and we are begging banks to come and take it.”
“We found out that a lot of things are happening that we need to checkmate, so we stopped withdrawal of new notes over the counter to ensure that everyone can have access to it and not one chief who is known to the manager, walks in, and carts away all the new notes in a particular branch. That is why we said it should be in the ATMs which cannot distinguish people.”
“We also have monitors going around banks now. I have been to some ATMs this morning and I have done the reports. We are not mobilising the masses against the banks because the banks are there to serve you, but be rest assured that they will serve you now that they know that the CBN is on them to serve you with the new naira notes.”
He also sounded a stern warning to those selling or intending to sell the new naira notes, saying, “anyone caught selling the new notes or any denomination of the naira would be jailed.”
Timi Davies, the President of the Coalition of Associations in Computer Village, noted that the new naira notes are a good initiative.
“But unfortunately, the new notes are not well circulated within our market. The ATMs are not dispensing the new notes and only a few privileged ones seem to be having access to the new notes.
“All ATMs should load the new notes. As we are giving the old notes, we should be able to get the new notes. If the ATMs are not dispensing, the new notes will not flow around.”
