• Business - Economy
  • Updated: January 19, 2023

Report Banks That Fail To Load ATMs With Redesigned Naira, CBN To Nigerians

The Central Bank of Nigeria (CBN) has urged Nigerians to report banks that fail to load their Automated Teller Machines (ATMs) with the newly redesigned notes, saying it will begin to sanction banks that fail to comply with the directive.

Kofo Salam-Alada, the Director of the Legal Services department of the apex bank said this during a sensitisation event in the popular Computer Village market in Ikeja, Lagos.

Salam-Alada, who represented the CBN governor, Godwin Emefiele, also emphasised that the January 31 deadline for the old notes to cease to be legal tender remains sacrosanct.

According to him, some ATMs are still dispensing old notes.

He added that the apex bank will soon announce sanctions for banks that fail to comply with the directive to load up and dispense the new notes through their ATMs.

He also noted that there are more than enough of new notes to go around, adding that the shortage of the new notes in circulation was due to the failure of banks to collect the redesigned N200, N500 and N1,000 notes from the vault of the CBN.

"I can tell you today that the CBN, on daily basis, issue out the new notes. As we speak, banks are with the CBN taking money."

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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

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