…48 hours after new notes began circulation
Automatic Teller Machine (ATMs) of banks in Nigeria are still dispensing old notes to customers 48 hours after the new bank notes came into circulation.
The redesigned N200, N500 and N1,000 denominations formally went into circulation on Thursday, December 15.
Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, on October 26, 2022, announced that new Naira notes would be introduced to replace the current 200, 500, and 1,000 denominations.
The policy, Emefiele stated, is, among others, to help mop up cash in circulation.
The CBN governor also encouraged banks to ensure they open their branches on Saturdays, to allow customers return old naira notes before the January 31 deadline.
On Wednesday, November 23, 2022, President Buhari unveiled the new notes while CBN assured that commercial banks had already taken custody of the new notes and were only awaiting circulation on the approved date.
With considerable amount of time, it was expected that banks were ready to release the new notes.
However, as at Saturday – 48 hours after the new notes came into circulation – the ATMs of banks in Ikotun, Igando, Egbeda, Ikeja, and Ago Palace axis – all in Lagos – were still dispensing old N1,000 and N500 notes to customers.
A bank customer, who made withdrawals from the ATM of a new generation bank in Ikeja, expressed disappointment, saying he was expecting to get the new notes.
“It is a thing of disappointment that on getting to the bank to make a withdrawal, they were still paying with the old naira. I withdrew N50,000 and all are old notes. I wonder how the new notes will circulate around the country before January 31, next year.”