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The CBN has massively supplied the new notes to commercial banks to dispense both at counters and ATMs. – Emefiele

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CEM REPORT, FINANCE | The Central Bank of Nigeria (CBN) has said it has increased supply of the new notes to banks across the country.

The CBN noted there is enough supply of the new notes to commercial bank ATMs, and has urged banks to desist from keeping cash away.

The CBN Governor, Godwin Emefiele, while insisting that there is no going back on the January 31st deadline adviced Nigerian to deposit old notes before the deadline.

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”The CBN has massively supplied the new notes to commercial banks to dispense both at counters and ATMs.

”This is to enable quick circulation and we want to advise commercial banks to desist from keeping the cash away from the public or face the stiffer sanction.”

Represented by Musa Jimoh, Director of the Payment System Management Department of the bank, in Jos, Emefiele added the Monitoring and Sensitisation project was aimed at addressing problems related to cash circulation in order to create awareness of the use of agents to circulate cash in under-banked communities

“The Monitoring and Sensitisation project was activated by the apex bank for investigation of the attitude of banks toward the spread of the new currencies.

”We are equally using it to create awareness on the use of agents to circulate the cash in communities with few or no bank branches available.”

Recall that CEM reported that the Nigerian Senate urged the CBN Governor, Godwin Emefiele, to extend the January 31st deadline for old naira notes withdrawal to July 31st, 2023 a six month period.

The Senate also urged that banks should also open an exchange window where people who don’t have a bank account can exchange their old notes with new notes.

The Central bank should immediately extend the use of the old notes by six months from January 31st to July 31st 2023 with immediate effect;

“The Governor should compel banks to open an exchange window where people who don’t have a bank account can exchange their old notes with the new note.”

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