The Central Bank of Nigeria (CBN) has asked commercial banks across the country to immediately stop dispensing new banknotes across the counter so as not to defeat the aim for redesigning the higher denominations of banknotes.
CBN spokesman Osita Nwasinobi told reporters that the apex bank has directed the banks to only load the new naira notes in their automated teller machines (ATMs) and not use it to pay cash withdrawals across the counter.
“CBN is concerned about claims by Nigerians that they had not come in contact with the new notes and therefore, directed the banks to ensure that they load their ATMs with new notes,” Nwasinobi said in a short statement to confirm the report of the new directive.
The aim is to increase the circulation of the new naira notes across the country ahead of the January 31, 2023 deadline to phase out the old notes.
As the deadline approaches, the CBN is making frantic efforts to brace up for the high demand for the new N200, N500 and N1,000 banknotes, especially ahead of the coming general elections.
The apex bank believes the new directive will ensure quick and wider circulation of the new notes across Nigeria.
There is a nationwide concern over the scarcity of the redesigned banknotes in circulation with some stakeholders, with federal lawmakers calling for an extension of the January 31 deadline.
But Nwanisobi denied that the apex bank is cashstrapped, saying the bank will stick to the January date. He claimed that the CBN has enough supply of the new notes to meet nationwide demand.
Nwanisobi further said some persons want to do old currency swap for the redesigned ones, which he said is not the objective of the currency redesign.
