Nigerian Banks Run Out Of Newly Redesigned Naira Notes, Says CBN Would Insist On Cashless Transactions

Although the Central Bank of Nigeria (CBN) announced last week that it had started distributing the newly redesigned naira notes to Deposit Money Banks across the nation, commercial banks in major cities in Nigeria are still having trouble with a lack of supply despite having started issuing a small number of the redesigned naira notes to over-the-counter customers.

While all Automated Teller Machines (ATMs) were dispensing the old notes, as usual, some customers who were paid with the newly redesigned naira notes said there weren’t enough of them to cover their needs when Gistngr visited some banks in Benin city on Thursday.Following a meeting with President Muhammadu Buhari, the CBN governor, Mr. Godwin Emefiele, told reporters last week that the new currency had reached the banks and would soon be distributed to the general public, who are also their clients.Emefiele had visited Buhari to reassure him that the country’s currency and any problems relating to the recently implemented cashless policy were under control.

One of the new generation banks’ top bank executives told the Gistngr that the institution issued some newly redesigned notes today, “but not much.”Some bank clients who spoke with Gistngr claimed the move was not unexpected because the CBN governor had previously stated that the apex bank would insist on a fully nationwide cashless policy and that it would limit the amount of cash that customers could withdraw at the counter.

“You will fill out an infinite number of forms if you need to withdraw a lot of cash. We will take your information, including your BVN and NIN so that law enforcement officials like the EFCC and ICPC can track you down and make sure you are using the money for legitimate purposes, Emefiele had previously stated.He emphasized that the existing money remains valid until January 31, 2023, but added that the new notes would eventually circulate.”

The painted and unpainted currencies will both be accepted as legal tender continuously, but as of January 31, the unpainted currency will no longer be useful to you. So, kindly bring it to your banks as soon as you can.The CBN governor stated that the president is pleased with the advancements achieved thus far and that there is “no need to fear or worry about anyone,” as Emefiele emphasized.

The CBN ordered commercial banks to start distributing the eagerly anticipated, newly redesigned Naira notes to consumers throughout the nation on December 15.

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