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CBN releases old Naira notes to banks, ATM

By Monsurudeen Olowoopejo

As part of measures to ease Naira scarcity, the Central Bank of Nigeria (CBN) has released old Naira notes to commercial banks and other financial institutions to commence dispensing through their Automated Teller Machine (ATM) across the country.

It said that different denominations of the old notes have been returned to commercial banks to dispense and the exercise would be done through the weekends.

The dispensing exercise would be monitored by the Governor, CBN, Godwin Emefiele, to prevent banks officials from hoarding currency notes from customers and creating artificial scarcity

Announcing the apex bank decision, the Acting Director, Corporate Communications Department, CBN, Dr. Isa AbdulMumin, disclosed this in Abuja, on Friday.

AbdulMumin explained that a substantial amount of money, in various denominations, had been received by the commercial banks for onward circulation to their respective customers through ATMs.

According to him, the CBN had directed all banks to load their Automated Teller Machines (ATMs) as well as conduct physical operations in the banking halls through the weekends.

“Branches of commercial banks will operate on Saturdays and Sundays to attend to customers’ cash needs,” he noted, adding that the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, would personally lead teams to monitor the level of compliance by the banks in various locations across the country.

He, therefore, urged Nigerians to be patient as the current situation would ease soon with the injection of more banknotes into circulation.

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