CBN Inspects ATM Galleries for New Redesigned Notes, Banks’ Compliance

Fidelis David in Akure

Officials of the Central Bank of Nigeria (CBN) on Thursday stormed Automated Teller Machine (ATM) galleries in different commercial banks in Akure, the Ondo State capital, with a view to ensuring compliance with the payment order on new redesigned naira notes.

This is coming ahead of the January 31st deadline for the phasing out of the old N1,000, N500 and N200 notes.

The CBN Governor, Godwin Emefiele, on October 26, 2022 announced the redesign of the three bank notes, saying the new and existing currencies will remain legal tender and circulate together until January 31, 2023.

The CBN Director, Branch Operation, Mrs. Elizabeth Fasoranti, who led a team of officials of the apex bank to GTBank, Zenith and Wema Bank ATM galleries at Alagbaka, Ijapo Estate, Akure, to verify if the ATMs were dispensing new redesigned naira notes, said the level of compliance is improving.

Addressing traders at the Shasha market, Mrs. Fasoranti urged them to take their cash to the bank so that they could change to the new redesigned naira notes.

She emphasised that the redesigned currency notes can never be counterfeited, and encouraged the public to explore other payment channels, such as eNaira, POS electronic transfer, USSD, internet banking, mobile money operators and agents for their economic activities.

She said: “CBN believes that this exercise would help in increasing financial inclusion, moving towards a more cashless economy, and ensuring greater formalization of the Nigerian economy. The currency redesign would assist in the fight against corruption, as the exercise would rein in the higher denomination used for corruption and the movement of such funds from the banking system could be tracked easily.”

Meanwhile, some residents of Ondo State have lamented the non-availability of the new naira notes in the state.

Speaking with journalists during the compliance tour, Mr Olugbenga Kehinde appealed to the apex bank to extend its deadline for the phasing out of the old N1,000, N500 and N200 notes, complaining that some of the banks operating in the state were still dispensing a mixture of the old notes and the new ones through their ATMs and on the counters.

The Seriki of Shasha, Alhaji Shehu Dangari, appreciated the efforts of the CBN officials, complaining that a lot of farmers, particularly herders, have huge cash and didn’t know how to change them to new redesigned notes.

The Iyaloja of Shasha market, Mrs. Bosede Abidakun, noted that there were some other public open markets which needed the enlightenment.

She volunteered to assist the CBN to take the handbills and posters on the new redesigned naira notes to enlighten the market women and men in the markets to prevent them from losing their money.