CBN warns commercial banks not to use old money in ATMs or risk fines.

CBN warns commercial banks not to use old money in ATMs or risk fines.

The newly redesigned naira notes must be loaded into automated teller machines, the Central Bank of Nigeria (CBN) ordered commercial banks in the nation (ATMs).

On Monday, January 9, Mr. Ahmed Umar, Director of Currency Operations at the CBN, made this statement in Abuja.

Commercial banks should stop using old currency at ATMs, according to Umar, who spoke at the National Orientation Agency (NOA) session for state directors on the topic. Failure to do so could result in fines.

Umar claims that the CBN was given the order to carry out the deadline for withdrawing the circulating old naira notes on January 31.

Umar stated: “Banks have been ordered by CBN management to stop using outdated currency in their ATMs. Only the new notes should be inserted.

“And there is a serialization of the policy, which states that they can insert either N500, N1000, or N200 notes into their machines, regardless of the denomination they have on hand or the mix of any of those notes.

We’ll keep an eye out to make sure the banks are following the rules, and if they aren’t, we’ll impose penalties.


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