The Central Bank of Nigeria(CBN) has warned Commercial Banks in the country not to put old notes in their Automated Teller Machines(ATMs).
By this , it will ensure that all Commercial Banks in the country comply with the directive of loading the newly redesigned naira notes in ATMs.
The Central Bank Director, currency Operations, Mr. Ahmed Umar , stated this on Monday in Abuja.
Umar, who gave this directive at the Training Session for State Directors, National Orientation Agency (NOA) on Redesigned of currency Notes Policy , stated that Commercial banks should stop putting old notes in ATMs or face penalty.
Umar said, the CBN’s directive was to implement the January 31 deadline withdrawal of old naira notes of-N200, N500, and NI,000 in circulation.
According to Umar, ’’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 serialization of the policy that they can put either N500, N1000 or N200 notes , whichever denomination they have or a combination of any of those notes; they should just put new notes in their machines.’’
‘’We are going to monitor to ensure that the banks comply and if they don’t, we’ve penalty for non-compliance’’.