RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Business

CBN orders banks to stop putting old naira notes in ATMs

Rate Captain by Rate Captain
January 10, 2023
in Business
Reading Time: 2 mins read
A A
0
CBN reduces over-the-counter withdrawals to N100k, N500k per week for individuals, companies
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Central Bank of Nigeria (CBN) has mandated commercial banks to stop putting old naira notes in their automated teller machines (ATMs).

The apex bank said it has enough of the new naira notes to meet the demand of the public. It also vowed to monitor commercial banks to ensure that they comply with the directive.

AlsoRead

What CBN’s Interest Rates Hikes Means for Nigerians

CBN revocation of Microfinance Bank Licenses Sends Shockwaves Through Nigeria’s Economy. Here’s how it affects you.

Nigeria’s Mega Refinery: A Game-Changer or Potential Disaster?

CBN Director of Currency Operations, Mr Ahmed Umar, made this known in Abuja on Monday at the training session for state directors of, the National Orientation Agency (NOA) on the redesign of currency notes policy, according to the News Agency of Nigeria.

Aim of the directive: Umar said that the CBN’s directive was to implement the January 31 deadline for the withdrawal of old naira notes in circulation.

“We want to use this training session to pass the message that the CBN has enough currency notes to go around the general public.
“We, CBN management, have mandated banks to stop putting old notes in their ATMs. They should only put the new notes.
“And there is the serialization of the policy that they can put either N500, N1000 or N200 notes whichever the denomination they have, or a combination of any of those notes; they should just put a new note in their machines.
“We are going to monitor to ensure that the banks comply and if they don’t, we have a penalty for non-compliance,” the CBN director said.
CBN currency change: According to Umar, in many countries of the world, it takes a few years to change a currency note design.
“In our case what we had was over 20 years of having the same design of naira notes. Over that period, what it did to us was to create an avenue for some people to master the art of counterfeiting the note.
“In our case, what we have is a minimum of 17 years or more for us to redesign our currency. If you notice the N1000 note that was introduced in 2005, it took 17 years for us to redesign it. N500 and N200 notes were also redesigned after 21 years and 22 years respectively.
“So, if the naira notes stay too long in the system, there is a tendency that people who counterfeit make a lot of efforts to produce the same notes. That is why there is a need to change our notes regularly,
“It is simple logic, the effort you put into counterfeit N1000 is the same effort you put into counterfeit N5. So, why would they waste their energy doing small notes; they always target the higher notes, particularly N1000, because of the intrinsic values attached to them,” he said.

Previous Post

Naira crash to N745/$1 Exchange Rate at Parallel Market

Next Post

FG says Nigeria to end fuel imports by 2024

Related News

CBN Excludes NSPMC from Approved Cheque Printers.

What CBN’s Interest Rates Hikes Means for Nigerians

by Rate Captain
May 24, 2023
0

In a move to address the persistently high inflation rate and various economic challenges, the Central Bank of Nigeria (CBN)...

CBN Excludes NSPMC from Approved Cheque Printers.

CBN revocation of Microfinance Bank Licenses Sends Shockwaves Through Nigeria’s Economy. Here’s how it affects you.

by Rate Captain
May 25, 2023
0

Recently, the Central Bank of Nigeria (CBN) made a significant move by revoking the operating licenses of several microfinance banks,...

The Dangote Oil Refinery: Will it Alleviate Fuel Hikes or Exacerbate Them?

Nigeria’s Mega Refinery: A Game-Changer or Potential Disaster?

by Rate Captain
May 23, 2023
0

On May 22nd, 2023, President Buhari commissioned the Dangote Refinery in Lagos, marking a significant milestone for Nigeria and the...

Uber Partners with Waymo to Introduce Self-Driving Cars, Advancing Autonomous Driving.

Uber Partners with Waymo to Introduce Self-Driving Cars, Advancing Autonomous Driving.

by Rate Captain
May 23, 2023
0

Uber Technologies Inc. and Alphabet Inc.'s Waymo announced on Tuesday that they are teaming up to offer rides in self-driving...

Next Post
Nigeria in Talks With World Bank and IMF on Debt Restructuring

FG says Nigeria to end fuel imports by 2024

Leave a Reply Cancel reply

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

Recommended

US Nation’s Employers Add 339,000 Jobs in May, Defying Market Expectations.

US Nation’s Employers Add 339,000 Jobs in May, Defying Market Expectations.

June 2, 2023
Ride-hailing Drivers in Nigeria Demand a Price Increase of 200%.

Ride-hailing Drivers in Nigeria Demand a Price Increase of 200%.

June 2, 2023

Popular Story

  • Providus Bank Plc Announces Graduate Management Trainee Program 2023/2024.

    Providus Bank Plc Announces Graduate Management Trainee Program 2023/2024.

    0 shares
    Share 0 Tweet 0
  • Ride-hailing Drivers in Nigeria Demand a Price Increase of 200%.

    0 shares
    Share 0 Tweet 0
  • Telcos issue banks disconnection notice over USSD debt

    0 shares
    Share 0 Tweet 0
  • US Nation’s Employers Add 339,000 Jobs in May, Defying Market Expectations.

    0 shares
    Share 0 Tweet 0
  • Telecom Operators Blame Communications Minister for Telecom Debt Crisis

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

?>