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Naira Redesign: New Naira Notes Flood Banks, ATMs In Bauchi

Leave a comment | | January 20, 2023 4:55 pm

The Central Bank of Nigeria (CBN) has begun monitoring Commercial Banks and their  Automated Teller Machines (ATMs) in Bauchi to ensure the dispensation of new Naira notes to customers in the state.

The News Agency of Nigeria reports that CBN Officials monitored all the banks in Bauchi metropolis to ensure that the ATMs dispensed new redesigned notes to customers.

Dr Abdulkadir Jibrin, Director, Medical Services of the CBN, who led officials of the apex bank to monitor the money deposit banks and ATMs in Bauchi Metropolis, said new Naira notes had now flooded the banks.

He said the  monitoring of operations, especially the ATMs, was to ensure they dispensed only the new notes.

“We monitored all the banks and ATMs in the state and ensured that they dispensed the new notes 

“This is in line with  CBN efforts to ensure that the new notes go round and reach the citizens,” he said.

According to him, “the reason we are here in Bauchi is to go round bank branches and ensure that the banks are dispensing the new naira notes.

“To ensure that the banks are pushing out the new notes across the ATMs as that is the only democratic way you can serve the currency to Nigerians. 

“So far, all machines are dispensing new notes of different denominations. It is very impressive, we hope this continues, 

He said that they met with traders and cattle dealers to sensitise them to the redesigned notes as well as the deadline for the use of the old notes.

He called on citizens to adhere to the instructions given and ensure they took their old notes to the banks ahead of the January 31st deadline so they wouldn’t lose the money.

Jibrin explained that the decision of the CBN to redesign the three highest Naira denominations of N1000, N500, and N200 was in the interest of the Nigerian economy.

He advised members of the public and the traders to accept the old notes, which were still valid till Jan. 31.

The Director said the aim was to boost the cashless policy and reduce the amount of cash outside the banking system. (NAN)

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