Some commercial banks in Abeokuta, Ogun State’s capital, appear to have defied the Central Bank of Nigeria (CBN) by loading old Naira notes into their Automated Teller Machines (ATM).
VisioTalks previously reported that the CBN had mandated that beginning January 9, ATMs should begin dispensing the new N200 notes as the highest denomination.
However, as of 10 p.m. on January 10, almost all ATMs in the Ogun State capital were still dispensing the old N1000 and N500 notes, according to our correspondent.
Our journalist walked around town and discovered that the new N200 notes were not in use in Ogun.
“On Friday, few banks in Abeokuta dispensed the new N200 notes and the N100 notes, but since Monday, those banks have returned to the old N1000 notes,” Ola Badmos told our correspondent.
The new Naira notes are not available in banks, according to anonymous bank sources, who worry about where the banks will get enough to load into ATMs.
“Banks cannot hoard the new notes. If it is available, you will surely see it in the ATM and at the payment counters. But banks have very limited supplies, so what do you want them to do? Should they have left the ATMs empty?” a bank worker queried.
Meanwhile, the CBN on Monday directed commercial banks to stop loading old notes into ATMs in order to ensure that the redesigned naira notes are always available.
The Apex Bank also threatened to punish banks that did not follow the directive.
During a stakeholder sensitization session on the currency redesign in Lagos, Godfrey Bariboloka Koyor, the CBN Lagos Branch Controller, guaranteed that there are enough new notes to go around.
Following the redesign of the Naira, the old N200, N500, and N1000 notes are scheduled to be phased out by January 31.
