Banks ATM Still Dispensing Old Naira Notes Two Weeks After Newly Redesigned N1,000, N500, N200

The Automated Machine ATM of commercial banks are still dispensing old naira notes to customers, despite the introduction of the newly redesigned naira notes of N1,000, N500 and N200 more than two weeks ago by the Central Bank of Nigeria CBN on 15th of December, 2022

Edu-biznews observed that the ATM machines of branches of  three different  commercial banks in Abeokuta ,the Ogun State capital,including Guaranty Trust Bank(GTB), United Bank for Africa (UBA ) and Wema Bank as at evening of Friday til  last day of the year 2022, were still dispensing old naira notes to customers, even with a month left  for the expiration of such old naira notes as legal tender by January 31, 2023 as fixed by the apex bank under its new monetary policy for the country

The current situation is contrary to the new monetary policy, which says bank customers will start collecting the newly redesigned naira notes from their banks across the counter or through ATM machines as  from 15th of December, 2022

Governor of CBN , Godwin Emefiele had also insisted on the end of January, 2023 as sacrosanct date for putting old naira notes of N1,000, N500 and N200 out of circulation when such notes will no longer be accepted as legal tender for exchange of goods and services

Nigerians are now in a state of confusion since ,the regulatory bank had failed to make enough new naira notes available to commercial banks to enable them pay their customers with new notes across the counter or through ATM machines in various branches across the country inline with the new monetary policy, despite the assurance that 500 million units of the new notes had been ordered by the CBN

CBN is yet to response to the suggestion of the National Assembly that the deadline be reviewed to last till end of June, considering the inadequacies of the apex bank to ensure seamless process of removing  old notes out of circulation

The apex bank had introduced the policy to mop up excess liquidity in the economy, by ensuring that over N3trillion  said to have been out of the banking system, found their way back into the commercial banks to enable them provide more credit facilities for manufacturing sector for production of local goods  that will stimulate the economy and address the disturbing trend of hyper inflation which has seriously depreciated the value of Naira in exchange to Dollar at the parallel market which is now over N720 per dollar  

Emefiele claimed that over N1trrillion already received out of over N3trillion out of the banking system