CBN Moves To End Shortage Of New Banknotes

The Central Bank of Nigeria, CBN, has dismissed reports that the new naira banknotes are in short supply.

Not a few Nigerians have complained of shortage of the new notes as the apex bank deadline for phasing out the old notes draws near. From January 31, 2023 the old notes will no longer be a legal tender, according to.the guidelines sent to commercial banks last November by the apex bank.

While the new notes are not adequately in supply, money exchangers seem to have enough which they sell at parties to customers.

Some commercial banks are believed to be suppliers to these money changers, even when they have refused to load the Automated Teller Machine, ATM with the new notes as the CBN had earlier directed.

This situation must not be allowed to continue, the apex bank said.

It has therefore, directed the banks to stop dispensing the new notes  over -the-counter, rather, the Godwin Emefiele-led CBN said, the new Banknotes must now be loaded on ATM to make them accessible to customers.

Speaking on the issue on Saturday, Osita Nwasinobi said the CBN is concerned about the complaints from Nigerians that the banknotes are in short supply.

To ameliorate the situation, Nwasinobi said banks have been directly immediately to load their ATMs with new notes supplied to them by CBN.

He said, “The 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.

“This will ensure quick and wider circulation of the new notes across Nigeria.”

Meanwhile, the magazine learnt that some commercial have started loading their ATMs with the new notes.

“The aim is to ensure that the banknotes are well circulated by the time work resume fully next week,” a source in one of the tier one bank said on Saturday.