Emir urges CBN to force banks to load ATMs with new naira notes

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CBN, banks, ATMs, new naira notes, Nigeria

Emir urges CBN to force banks to load ATMs with new naira notes

The Emir of Hadejia Alhaji Adamu Abubakar Maje, has called on the Central Bank of Nigeria (CBN) to enforce its directive to banks to load their Automated Teller Machines (ATMs) with newly redesigned naira notes.

Alhaji Maje, made the appeal at a town hall meeting with officials of the CBN officials Friday in Hadejia, Jigawa state, saying that many banks in the State capital were not complying with the apex bank’s directive.

“CBN should address banks to immediately comply with the policy by giving out new currency,” the monarch said.

The Emir, who was represented by a senior councilor of his palace, Galadima Hadejia Alhaji AbdulAziz Zakari, urged residents to take their old N200, N500, and N1000 notes to bank or POS and get the new ones before January 31, 2023.

The apex bank has directed banks in Nigeria to load the redesigned notes in their ATMs, just as banks have been directed to work on Saturday for the purpose of receiving old notes of N200, N500, and N1000 before December 31, 2023.

The director of human resources at the CBN, Hajiya Amina Habib, said the benefits of the currency redesign to Nigerian economy are enormous.

She said, “this policy will help to control inflation as the exercise will bring the hoarding currency into the banking system, thereby making monetary policy more effective.

“We believe that this exercise would help in increasing financial inclusion, moving towards a more cashless economy, and ensuring greater formalization of the Nigerian economy.”

Also speaking to worshippers at the  Yalleman Tijjanai Friday Mosque, the of development finance of the CBN, Mr. Abdu Amadu, warned that their inability to deposit their old notes in the bank would lead to loss on their part.

Mr Abdu Amadu urged them to patronise bank share agents and Point of Sales (POS) and other service providers certified by the CBN.

The CBN team met with POS operators for sensitisation purposes.

 

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