• Business - Companies
  • Updated: January 31, 2023

Each Bank Branch Gets N30 Million Of New Naira Notes Daily — CBN

To increase customers' access to the new naira notes, the Central Bank of Nigeria (CBN), Bauchi State has revealed that it allocates N30 million new naira notes daily to each branch of banks in the state.

 Abdulkadir Jibrin, an official of the apex bank said this while monitoring banks in Bauchi on Monday to ensure access to new naira notes for residents of the state.

According to him, the aim of the exercise was to ensure the availability of the new naira notes in the banks and also for easy exchange of old notes for the newly redesigned notes for the residents.

“Only N10,000 and below could be exchanged per person and if the amount is more than that one should open a bank wallet.

“Daily each branch across the state receives N30 million to ensure their Automated Teller Machines (ATMs) are stocked with cash for individuals to withdraw,” he said.

He, however, urged the public to use the extension of the deadline to February 10 to deposit their old currencies with banks to avoid financial loss.

“It’s just a window for the citizens that are yet to take their money into their accounts to do that and then those that have N10,000 or less.

“Our committee would continue to reach out to localities to ask them to bring out their old notes and exchange them with the new ones,” he said.

He explained that the monitoring exercise entailed checking ATMs to ensure that the new naira notes were loaded for customers to withdraw.

According to him, the ATMs will give people the opportunity to have access to money, adding that the officials of the apex bank track the volume of disbursement through the ATMs.

He urged the public to report to the CBN if any bank refused to open for operations or failed to disburse the new notes through their ATMs.

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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

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