• Latest
  • Trending
Court Aborts DSS’s Plan To Arrest CBN Governor Emefiele Over Alleged Offence

CBN Speaks On Penalizing Banks That Fail To Load New Naira Notes In ATMs

Hundreds Walk Out on Netanyahu’s UN Speech

Hundreds Walk Out on Netanyahu’s UN Speech

Why NNPC Refineries May Never Work Again – Dangote

Dangote Refinery Gives Reason for Sacking Staff

Ex-Oyo Governor Ladoja Crowned 44th Olubadan

Ex-Oyo Governor Ladoja Crowned 44th Olubadan

Sultan, Amosun, Others Storm Ibadan for 44th Olubadan Coronation

Sultan, Amosun, Others Storm Ibadan for 44th Olubadan Coronation

Refineries: How Dangote Group was chased away from Rivers State

Dangote Refinery Sacks All Nigerian Staff After ‘Union Move’

Nigeria Police celebrate 30 officers Called to Bar

Nigeria Police celebrate 30 officers Called to Bar

Netanyahu Blasts West Over Palestine Recognition

Netanyahu Dodges Europe, reroutes flight to UN over ICC fears

Saturday, September 27, 2025
  • Login
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
iDeemlawful
No Result
View All Result
iDeemlawful
No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
Home Breaking News
Court Aborts DSS’s Plan To Arrest CBN Governor Emefiele Over Alleged Offence

CBN Speaks On Penalizing Banks That Fail To Load New Naira Notes In ATMs

by iDeemlawful
January 10, 2023
in Breaking News
A A
0

The Central Bank of Nigeria (CBN) has threatened to penalise commercial banks who fail to comply with the directive of loading the redesigned naira notes in their automated teller machines (ATMs).

Ahmed Umar, CBN director, currency operations, made this known in Abuja on Monday at the training session for state directors of the National Orientation Agency (NOA).

Last week, the apex bank ordered banks to halt dispensing the new currency notes over the counter — and to only make them available via ATMs.

SeeThese

CBN dragged to Court over ATM fee hike

JUST IN: Governor Adeleke cast his votes as Osun LG poll begins

Meranda presides over Lagos Assembly plenary amidst Tension

Umar said the purpose of the CBN directive was to implement the January 31 deadline for the withdrawal of old naira notes in circulation.

ADVERTISEMENT

“We want to use this training session to pass a message that CBN has enough currency notes to go round the general public,” NAN quoted him as saying.

“We, CBN management, have mandated banks to stop putting old notes in their ATM machines. They should only put the new notes.

“And there is a serialisation of the policy that they can put either N500, N1000 or N200 note whichever denomination they have or 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.”

He said in many countries across the world, it takes a few years to change a currency note design.

“In our own case what we had was basically over 20 years of having the same design of note,” Umar explained.

“Over that period, what it did to us was to create an avenue for some people to master the act of counterfeiting the note.

“In our own case, what we have is the 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 currency 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.

“So, that is why there is a need to change our notes regularly.”

He said N500 and N1000 naira notes constitute 99 percent of the currency notes that are being targeted by counterfeiters.

“It is simple logic, the effort you put to counterfeit N1000 is the same effort you put to counterfeit N5,” he said.

“So, why will they waste their energy doing small note; they always target the higher note particularly N1000, because of values attached to it.”

Garba Abari, director-general of NOA, said his agency partnered with the CBN to educate the agency’s staff to assist in enlightening Nigerians on the redesign of new banknotes policy

Tags: CBNiPad
Previous Post

AIT Breaks Silence On ‘Arrest’ Of Founder, Dokpesi In London

Next Post

UK Slams Millions Penalty Pounds Against GTbank For ‘Money Laundering Controls’

Next Read

Ex-Oyo Governor Ladoja Crowned 44th Olubadan
Breaking News

Ex-Oyo Governor Ladoja Crowned 44th Olubadan

...

Read moreDetails
Sultan, Amosun, Others Storm Ibadan for 44th Olubadan Coronation
Breaking News

Sultan, Amosun, Others Storm Ibadan for 44th Olubadan Coronation

...

Read moreDetails
Nigeria Police celebrate 30 officers Called to Bar
Breaking News

Nigeria Police celebrate 30 officers Called to Bar

...

Read moreDetails
15 Die in Kwara road Accident
Breaking News

Kwara LG Goes Spiritual as Insecurity Bites

...

Read moreDetails
Nigeria @ 65: FG Unveils Theme for Independence Day 2025
Breaking News

Nigeria @ 65: FG Unveils Theme for Independence Day 2025

...

Read moreDetails
Tinubu finally Confers CON on Ogoni Four
Breaking News

Tinubu finally Confers CON on Ogoni Four

...

Read moreDetails
Remi Tinubu Pulls In N20bn After Birthday Fund Appeal
Breaking News

Remi Tinubu Pulls In N20bn After Birthday Fund Appeal

...

Read moreDetails
United Capital Names 6 staff killed in Lagos Fire Tragedy
Breaking News

United Capital Names 6 staff killed in Lagos Fire Tragedy

...

Read moreDetails
Next Post
UK Slams Millions Penalty Pounds Against GTbank For ‘Money Laundering Controls’

UK Slams Millions Penalty Pounds Against GTbank For ‘Money Laundering Controls’

UNILORIN Speaks On New Transport System

UNILORIN Speaks On New Transport System

Leave a Reply Cancel reply

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

iDeemlawful

Copyright © 2019 iDeemlawful.

Useful Links

  • About
  • Advertise
  • Editorial
  • Support

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Copyright © 2019 iDeemlawful.