The Central Bank of Nigeria (CBN) has refuted claims that it has ordered Deposit Money Banks (DMBs) to halt issuing new naira notes to customers making over-the-counter withdrawals.
Osita Nwanisobi, the CBN Director of Corporate Communication, clarified this on Sunday.
According to him, the direction to banks to disburse new notes via Automated Teller Machines (ATM) intended to supplement over-the-counter transactions and promote the circulation of the redesigned notes.
Nwanisobi dismissed concerns over the shortage of new notes in banks, as he said claims that banks did not have enough new notes for circulation were untrue.
He advised the public to keep using the old notes, which are still legal cash until January 31.
He explained that old notes are more visible in banking halls since they are still in circulation and legal cash, but banks currently have an adequate supply of the required quota of new notes.
There is what we call moral suasion; we had a meeting with the banks and we all agreed that we can begin to put the new notes in the ATMs so that people would see and boost circulation.
Yes, you can say it is a directive. We keep reviewing and my worry is by next week, when new notes are being paid across the counter, people would say they are flaunting.
We had a meeting and we had moral suasion because people are complaining they are not seeing new notes. So, that also doesn’t mean that banks cannot pay over the counter.
The CBN is concerned about claims by Nigerians that they have not come in contact with new notes and we have directed the banks to ensure that they load their ATMs with new notes. This would ensure quick and wider circulation across Nigeria. I never said they shouldn’t pay across the counter.
As far as I am concerned, nothing suggests that it cannot be met. For us, the 31st of January remains the date when old notes would cease to be legal tender in Nigeria.”
