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CBN Expresses Confidence Over Circulation of New Notes before 31st

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CBN

CEM REPORT, FINANCE | The Central Bank of Nigeria (CBN) has maintained that there are enough new notes to meet circulation demand as the January 31 deadline draws closer.

Over the weekend Director of Corporate Communication, CBN, Osita Nwanisobi, dismissed speculation over the inadequacy of the new notes in banks.

He explained that most banking halls still have old notes because the notes are still in circulation and remain legal tender, THISDAY reports.

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“That position is not entirely correct. We have enough supply in line with the intent for the period. The old notes remain a legal tender until January 31st so it would still be in circulation.” 

On the issue of the directives to banks on payment of new notes via over-the-counter transactions except ATMs, Nwanisobi clarified that the directive didn’t categorically ban over-the-counter transactions but was issued as a persuasion to dispense via ATMs to increase circulation this he said will ensure quick and wider circulation across Nigeria. 

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“I never said they shouldn’t pay across the counter.

“There is what we call moral suasion; we had a meeting with the banks and we all agreed that we can begin to put the new notes in the ATMs so that people would see and boost circulation. 

“Yes, you can say it is a directive. We keep reviewing and my worry is by next week when new notes are being paid across the counter people would say they are flaunting.  

“We had a meeting and we had moral suasion because people are complaining they are not seeing new notes. So, that also doesn’t mean that banks cannot pay over the counter.” 

He reiterated that the new note will get circulated before the deadline while urging the general public to continue to use the old notes as they remain legal tender. 

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