Commercial banks will be monitored by CBN for compliance

The Central Bank of Nigeria (CBN) will keep an eye on commercial banks to make sure they follow the order to put the new Naira notes in their ATMs (ATMs).

On Monday in Abuja during the Training Session for State Directors, National Orientation Agency (NOA) on Redesign of Currency Notes Policy, Mr. Ahmed Umar, Director, CBN, Currency Operations, said this.

According to Umar, the CBN was instructed to carry out the deadline removal of the circulating old naira notes by January 31.

Through this training, we want to inform the public that there are enough cash notes for everyone to utilize.

“We, the CBN management, have ordered banks to cease using outdated currency at their ATMs. Only the new notes should be included.

And then there is the serialization of the policy, which states that regardless of the denomination or mix of denominations they hold, they should just insert a fresh note into their devices.

The director of Apex Bank said, “We are going to monitor to make sure that the banks comply and if they don’t, we have a punishment for non-compliance.”

He said that changing the design of a currency note takes many years in several nations throughout the globe.

“In our situation, the note’s design has essentially been the same for over 20 years.

“What it did to us throughout that time was to provide a door for certain individuals to learn how to master the process of counterfeiting the note.”

“In our situation, we have at least 17 years or more until we can reform our currency.

“If you observe, it took us 17 years to revamp the N1000 note, which was first presented in 2005. Additionally, the N500 and N200 notes had redesigns after 21 and 22 years, respectively.