Business

Stop Loading Old Naira Notes In ATMs, CBN Warns Banks

The Central Bank of Nigeria, CBN, has warned commercial banks to stop loading old naira notes but the redesigned one in ATMs.

CBN Director, Currency Operations, Mr Ahmed Umar, stated this in Abuja on Monday, Jan. 9.

Umar, who spoke at the Training Session for State Directors, National Orientation Agency (NOA) on Redesign of Currency Notes Policy, said commercial banks should stop putting old notes in ATMs or face a penalty.

According to Umar, the CBN’s directive was to implement the January 31 deadline withdrawal of old naira notes in circulation.

Umar said: “We, CBN management, have mandated banks to stop putting old notes in their ATM machines. They should only put the new notes.

“And there is a serialisation of the policy that they can put either N500, N1000 or N200 notes whichever denomination they have or combination of any of those notes, they should just put a new note in their machines.

“We’re going to monitor to ensure that the banks comply, and if they don’t, we’ve penalty for non-compliance.”

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