CBN TO BANKS: INSERT FRESH BILLS INTO ATMS TO AVOID SANCTIONS

The Central Bank of Nigeria (CBN) keeps track of whether commercial banks are feeding the new naira notes into automated teller machines on a daily basis (ATMs).
Kofo Salam-Alada, Director of the CBN’s Legal Services Division, announced this at a public awareness-raising event for the new naira notes in the Computer Village Market in Ikeja, Lagos.

As the time to phase out the notes draws closer, he said that the apex bank would penalize banks that kept stocking their ATMs with old naira notes.

He claimed that the CBN was already keeping an eye on banks that were using their ATMs to continue dispense outdated naira notes.

Godwin Emefiele, the CBN Governor, was represented by the director, who stated: “I can tell you that the CBN issues new notes on a daily basis. Banks are collecting money from the CBN as we speak. In reality, we are pleading with banks to visit the Central Bank and take money. We are pleading with banks to come and take these fresh naira notes from our vaults.

“We learned that many things are occurring that require a checkmate, so we stopped withdrawing new notes over the counter to guarantee that everyone could access them and to prevent one chief, who is known to the manager, from walking in and taking all the new notes at a specific branch. That is why we suggested placing it in ATMs that can’t tell people apart.

The new naira notes are a commendable endeavor, according to Timi Davies, president of the Coalition of Associations in Computer Village.

But regrettably, the new notes are not widely used in our market, he continued. The new notes are not being dispensed by the ATMs, and it appears that only a select group of privileged individuals have access to them.

“We want to urge the CBN and the government to make the banks comply with the deadline. No bank should be preventing the new naira from being withdrawn from ATMs. The new notes should be loaded in all ATMs. We should be able to receive the new notes as we are dispensing the old notes. The new notes will not circulate if the ATMs are not distributing them.

Chief Lateef Oluseyi, the Olukosi of Ikeja Land, told the CBN that the traditional ruling house will assist efforts to educate the populace.

The new naira notes’ strength and quality were praised by him.