As Nigeria prepares to cease the use of its old N200, N500 and N1000 notes by December 31, 2023, the Central Bank of Nigeria (CBN) has warned commercial banks against stocking their Automated Teller Machines, ATMs with the old naira notes.

The CBN has also urged banks to pick up new naira notes for massive dispersal but this has not been followed as several bank ATMs still dispense the old naira notes, Investors King reports.

The apex bank has, however, directed Nigerians to reject the old naira notes as the stipulated deadline for its expiration will not be changed.

Deputy Director, Currency Operation, CBN, Rekiyat Yusuf stressed that banks stocking their ATMs with old notes would be sanctioned if caught.

She urged bank users to report banks still dispensing the old notes instead of the redesigned notes, saying the CBN has given them enough new notes.

Yusuf said, “If banks give you old notes, reject it and return it to them and report the bank to us immediately for appropriate action. We have given them enough new currency notes to dispense to replace the old ones in circulation. 

“There is no reason for banks to still be stocking their automated teller machines with old notes as the apex bank has made enough redesigned notes available for dispensing to members of the public. Any bank caught would be made to face appropriate sanction.” 

The CBN Director of Currency Operations, Ahmed Bello Umar, on his part, noted that the CBN officials are on a monitoring tour across cities and towns to ensure that only new notes are dispensed at ATMs.

Umar added that commercial banks can now stock their machines with N1000, N500 or N200 as the withdrawal policy has been relaxed. 

“All ATMs must carry only new notes. If the banks don’t have the new notes, they should not load the old notes. We’re going round towns and cities in Nigeria to ensure that all the ATMs are loaded with new notes. And there’s relaxation on the policy, they can dispense any of the notes either N1, 000, N500 or N200 notes,” he said.

However, the Sultan of Sokoto, Muhammadu Sa’ad Abubakar, has appealed to the central bank to extend the deadline as the message of the redesigned naira notes is yet to circulate.

He charged the bank officials to intensify sensitisation in rural places as some still think the redesigned notes are fake.