Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home News

CBN insists that banks have enough fresh naira notes to meet demand.

Marian RomainebyMarian Romaine
January 8, 2023
in News
0
CBN insists that banks have enough fresh naira notes to meet demand.
Share on FacebookShare on TwitterShare on Whatsapp

The Central Bank of Nigeria (CBN) has refuted claims that the Deposit Money Banks (DMBs) do not have enough new notes to circulate in the country by the deadline of January 31 when the old notes will no longer be accepted as legal currency in light of the increased demand for the new naira notes.

The CBN has also made it clear that it did not forbid banks from giving customers new notes over the counter. It adds that the banks were instructed to give out the new notes via Automated Teller Machines (ATM) to supplement over-the-counter transactions and increase the circulation of the redesigned notes.

To guarantee that the money circulates throughout the country before the deadline of January 31, the top bank has instructed the banks to fill their ATMs with solely fresh notes. The CBN’s Director of Corporate Communication, Mr. Osita Nwanisobi, dismissed rumors that the new notes were insufficient and indicated that sufficient arrangements had been made to increase the circulation of the new notes. He declared that it was untrue to think that the banks did not have enough brand-new notes to go around.

He urged the public to keep using the old notes because they are still valid forms of payment and promised that the new notes would be distributed widely enough. He emphasized that banks currently have an adequate supply of the required quota of new notes, but said that the old notes are more noticeable in the banking halls because they are still in use and are still considered legal cash. Nwasinobi responded to the bank’s order to fill ATMs with the new notes by stating that the order did not categorically forbid over-the-counter transactions but was instead given to encourage the use of ATMs to promote circulation.

The CBN has instructed the banks to make sure that they load their ATMs with new notes because we are concerned about assertions made by Nigerians that they have not used new notes. This would guarantee rapid and widespread distribution throughout Nigeria.

In response to criticisms that deposit money banks lack access to fresh notes, he stated that the position is not correct. We have a sufficient supply to meet the intended use for the period. The old notes would still be in use because they are still valid for payment until January 31. In addition, he said that the deadline of January 31 remains sacred and that there are no signs that it would be extended.

Tags: ATMcbncirculationDepoisit Money BanksNew naira notes
Marian Romaine

Marian Romaine

Marian Romaine is a seasoned content writer with a passion for translating complex technological concepts into accessible and engaging content.She is dedicated to creating engaging and informative content aiming to enhance both reader engagement and search engine visibility. Her writing combines a deep understanding of the subject matter with a talent for crafting clear, concise, and informative pieces.With 3 years of industry experience, her expertise includes crafting blog posts, articles, social media content, and website copy.

Related Posts

Minnesota Senator Hortman, Husband Killed by Fake Policeman
News

Minnesota Senator Hortman, Husband Killed by Fake Policeman

June 14, 2025
Austria Tightens Gun Laws After School Massacre
News

Austria Tightens Gun Laws After School Massacre

June 14, 2025
Court Blocks Trump’s National Guard Deployment to LA
News

Court Blocks Trump’s National Guard Deployment to LA

June 13, 2025
Next Post
NSCDC promises to safeguard the INEC offices in Delta.

NSCDC promises to safeguard the INEC offices in Delta.

Scores of passengers seized as gunmen raid railway station

Scores of passengers seized as gunmen raid railway station

PVC collection is disrupted by hoodlums in Edo, who also threaten INEC employees.

PVC collection is disrupted by hoodlums in Edo, who also threaten INEC employees.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Dollar, Euro and Pounds To Naira Exchange Rate For Today, September 10 2023.

Dollar, Euro and Pounds To Naira Exchange Rate For Today, September 10 2023.

2 years ago
Osimhen’s Entourage, Denies PSG Agreement

Osimhen’s Entourage, Denies PSG Agreement

2 years ago
Sudan Plunges Back into Violence as Peace Hangs in the Balance

Sudan Plunges Back into Violence as Peace Hangs in the Balance

2 years ago
City Soar to Summit with Commanding Victory Over Luton: Top of the Premier League

Liverpool Stumble Again: Crystal Palace Stun Reds with Anfield Upset

1 year ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) abuja apc Arsenal buhari Business cbn chelsea china court Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government Governor health inec Israel lagos Manchester United Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

“I Have Had the Most Reasons to Not Exist” – Burna Boy

Soyinka Tells Tinubu to Investigate Deaths of Dele Giwa, Kudirat Abiola, Bola Ige

Ukraine, Russia Conduct Fourth Prisoner Swap in One Week

Kenneth Okonkwo Accuses Peter Obi of Betrayal Over Abure Faction

Tottenham Sue INEOS Over Terminated Sponsorship Deal

Phyna Slams Israel DMW With Harsh Words Days After Vacation With His Ex-Wife Sheila

Trending

Putin Tells Trump Peace Talks With Ukraine Possible After Prisoner Exchange
Government

Putin Tells Trump Peace Talks With Ukraine Possible After Prisoner Exchange

byEriki Joan Ugunushe
June 14, 2025
0

Russian President Vladimir Putin has told U.S. President Donald Trump that Moscow is ready for a new...

Minnesota Senator Hortman, Husband Killed by Fake Policeman

Minnesota Senator Hortman, Husband Killed by Fake Policeman

June 14, 2025
Dembele dismisses Ballon d’Or talk despite trophy-laden season at PSG

Dembele dismisses Ballon d’Or talk despite trophy-laden season at PSG

June 14, 2025
“I Have Had the Most Reasons to Not Exist” – Burna Boy

“I Have Had the Most Reasons to Not Exist” – Burna Boy

June 14, 2025
Soyinka Tells Tinubu to Investigate Deaths of Dele Giwa, Kudirat Abiola, Bola Ige

Soyinka Tells Tinubu to Investigate Deaths of Dele Giwa, Kudirat Abiola, Bola Ige

June 14, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • Putin Tells Trump Peace Talks With Ukraine Possible After Prisoner Exchange
  • Minnesota Senator Hortman, Husband Killed by Fake Policeman
  • Dembele dismisses Ballon d’Or talk despite trophy-laden season at PSG

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com