It has been over a month since the newly redesigned naira notes were released to the public and less than 15 days before the deadline for the old notes, but there has been complaints that the banks are not issuing out the new notes.
Whilst the Central Bank of Nigeria (CBN) claims that there are more than enough of the new notes to go round, the newly redesigned notes are still scarce with banks claiming that they do not have enough.
The CBN had thus directed that banks to load the new notes into their Automated Teller Machines (ATMs) rather than pay it over the counter. This was relayed by some banks to their branches last week.
A memo titled: “Urgent update on currency redesign” and signed by the group head, Retail Operation, of one of the top tier banks in the country read, “The CBN has mandated that we immediately stop the Over-the-Counter payment of the new N200, N500 and N,1000 currency. Instead, all new notes should be loaded into the ATMs for customer withdrawals. This is effective immediately please.”
Explaining why the apex bank took the decision, the CBN Lagos branch controller, Godfrey Bariboloka Koyor, said 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.
Noting that there are implications for banks that fail to comply with the directive, he said banks are aware that they will be sanctioned if they do not comply with the directive.
He explained that the CBN 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 on the currency redesign at the popular Balogun market in Lagos, assured that there 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.”
