Nigeria: CBN, Banks in Battle of Wits Over New Naira Notes

Financial Vanguard, in a working visits to several branches of commercial banks in Lagos and Abuja last weekend discovered that the banks were struggling to comply with a CBN directive mandating them to stop dispensing old notes and ensure that all their Automatic Teller Machines, ATMs, are adequately loaded with the new notes.

He also said that though the banks could complain of limited supply of the new notes the CBN has also found out that the banks may actually be hoarding the new notes for either completion advantage or for vested interests of privileged customers. This, according to him, was why the apex bank was forcing the banks to dispense the new notes.

Speaking to Financial Vanguard on condition of anonymity, he said,"They told us, no new notes, no cash in ATMs, that is what the CBN said. So all our ATMs did not dispense cash from yesterday till this afternoon . At the Union Bank branch on Tinubu Street, Lagos Island, one out of the three ATMs was dispensing new naira notes while the other two were without cash. The Union Bank branch at Ikotun has four ATMs but only two were dispensing the new naira notes. The Union Bank branch at Agidingbi, Ikeja had three ATMs with two dispensing the new naira notes.A visit to two new generation bank branches in Amuwo Odofin shows that at the time of visit, their ATMs were dispensing new naira notes.

On the other hand, branches of GTBank located at 23 Road Festac Town, Ago Palace Way Amuwo-Odofin and the one at Apapa Oshodi Expressway opposite Ibafo Tank Farm dispensed only old notes. They further said that that they expect the CBN to extend the deadline for decommissioning of the old Naira notes since the new notes are not yet circulated widely.

However, a visit to ATMs owned by some new generation bank branches indicated that those dispensing old notes were more than those dispense the new notes.

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nigeria: Naira Exchange Could Impact 54.2 Percent Unbanked Negatively - ReportThe Inclusion for all Initiative, a multifaceted advocacy programme, has suggested that Nigeria's most vulnerable groups could be adversely affected by the decision to require the exchange of old Naira notes for new notes through an existing bank account.
Source: allafrica - 🏆 1. / 99 Read more »

Nigeria: Central Nigeria Attackers Kill and Behead Villagers Near IDP CampNigerian authorities say armed men on Thursday night attacked a village in north central Benue state, near an IDP camp, killing at least eight people, and beheading some of them.
Source: allafrica - 🏆 1. / 99 Read more »

Banks still charge up to R50 for instant payments – collectively costing South Africans millions | Business InsiderAlthough banks say they're forced to charge these fees, the difference between banks for immediate payments is as much as R43 – and they're collectively costing South Africans millions, or billions, in fees each year. Criminal behavior People just want to complain about everything. To use your own money they charge you.. opt out!
Source: BISouthAfrica - 🏆 34. / 51 Read more »

SA cuts power to Nigeria consulate, sparks row🗣️“The matter is being handled through diplomatic channels. We’ll engage all parties involved in order to find an amicable solution.” ECRNewswatch
Source: ecr9495 - 🏆 38. / 51 Read more »

Nigeria: 2023 Presidential Election - 10 Factors That Could Affect the OutcomeAnalysis - As Nigerians inch closer to the February 2023 presidential election, the seventh since the current wave of liberal democracy formally started in 1999, there are at least 10 key issues that are likely to drive and determine the outcome. Political scientist, Jideofor Adibe, explores them all.
Source: allafrica - 🏆 1. / 99 Read more »

Nigeria: Largest Container Vessel Berths At Lekki Port Ahead of CommissioningAhead of the commissioning of the Lekki Deep Seaport by President Muhammadu Buhari, today, the largest container vessel has berthed at the port.
Source: allafrica - 🏆 1. / 99 Read more »