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.