Mr. Godwin Emefiele, Governor of CBN

CBN directs banks to dispense redesigned Naira notes via ATMs or face penalties

*Godwin Emefiele, Governor of Central Bank of Nigeria, urges commercial banks to approach the CBN branches across the country to collect the new Naira notes for dispensing to consumers through Automated Teller Machines

Isola Moses | ConsumerConnect

As the January 31, 2023 deadline to phase out the use of the old banknotes as legal tender approaches, the Central Bank of Nigeria (CBN) has continued to intensify consumer awareness campaigns and urge the Deposit Money Banks (DMBs) to collect new Naira notes and dispense same through their Automated Teller Machines (ATMs) across the West African country.

ConsumerConnect reports Kofo Salam-Alada, Director of Legal Services Department at CBN, stated this while sensitising marketers Wednesday, January 17 at the popular ‘Computer Village’, in Ikeja, Lagos State.

CBN’s market sensitisation campaigns on new Naira notes in Lagos     Photo: Timeline.Ng

The Bank’s top official noted Mr. Godwin Emefiele, Governor of CBN, has urged commercial banks to approach the apex bank branches across the country to pick up the new Naira notes.

Emefiele, represented at the forum by Salam-Alada, made the call Wednesday, when the Bankers’ Bank held its sensitisation tour on the adoption of the newly redesigned Naira notes to Computer Village, Ikeja.

The CBN Governor said that the new Naira notes were in the Bank’s vaults awaiting pick ups by the commercial banks for circulation to consumers.

He also stated: “We have been calling upon the banks to approach the Central Bank of Nigeria across the country to come and pick up the new notes.

“We have even waived some of the conditionality for accessing currency notes in order to accommodate the banks.”

Emefiele further said: “The banks were being given slots before, but now the Central Bank of Nigeria is bending over backward to accommodate the demands of the banks in order to service them, so that they can service you and so that everybody will have access to the new Naira notes.”

The CBN is seriously working to ensure that the new notes permeate everywhere across Nigeria, said he.

According to Emefiele, the apex bank is currently going round commercial banks to monitor banks and their ATMs to ensure that they stop paying customers the new Naira notes over the counter, but via the ATMs.

“Part of what we are doing is that we have monitors going around the banks now.

“I have been to some ATMs this morning, and I’ve lodged a report and I’ve spoken to the Managements of the various banks,” said the CBN Chief.

Emefiele as well disclosed that penalties await any bank which fail to come and pick up the new notes, and failure to lodge money into their ATMs.

The CBN Governor, however, assured the marketers, that the consumer experiences they were having in regard to getting the redesigned banknotes would soon be sorted out.

Emefiele also urged them to call these numbers- 08176657641, 08176657642, 08176656721, 07080650791, and send messages to,  should they have any problem accessing the new notes going forward.

January 31 deadline remains, says Emefiele

Meanwhile, Emefiele  has restated that the January 31 deadline for the submission of the old Naira notes is sacrosanct.

The CBN Governor again, urged consumers to deposit their old notes, and not to be caught unawares at the deadline.

He further encouraged consumers of financial products and services to  use the eNaira and other electronic channels to transact their banking business.

The CBN, Emefiele said, is already taking steps to increase the number of merchants to good position where eNaira would become acceptable in the economy.

CBN should make new banknotes accessible: Market President

In his remarks at the sensitisation forum Wednesday, Mr. Timmy David, President of the Coalition of Associations in Computer Village, urged the Central Bank of Nigeria to enforce its mandate by ensuring that the new Naira notes are accessible before the deadline.

David said: “There should be no banks that should not be giving the new Naira notes from the ATMs; all ATMs should load the new Naira notes.

“As we are giving the old notes, we should be able to take back the new notes; this will enable people to transact their day-to-day business.

“If the machines are not dispensing the new notes, then, it will not circulate.”

Engagement with royal fathers

Emefiele and his team during the tour visited the Palace of the Olu of Ikeja Land, where Chief Lateef Oluseyi, the Olukosi of Ikeja Land, received the entourage.

The CBN Governor also briefed the monarch on the Bank’s new policies and its decision to change the old N1,000, N500 and N200 denominations respectively.

He equally washed the new N1000 note with water to clear the doubts of some sections of society about authenticity or genuineness of the redesigned banknotes.

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