To boost clients’ access to the new notes, the Central Bank of Nigeria (CBN) in Bauchi claims to distribute N30 million in new naira notes each day to each branch of commercial banks in the state.
CBN officer Abdulkadir Jibrin made this statement on Monday while checking banks in Bauchi to make sure locals could access the new currency. According to him, the purpose of the exercise was to make the banknotes easily exchangeable and available in banks.
Only exchanges of N10,000 or less per person are permitted; if the sum is higher, one should open a bank wallet. Every branch in the state receives N30 million every day to keep its automated teller machines (ATMs) loaded with money for users to withdraw, the governor stated.
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To prevent financial damage, he advised the populace to deposit their old currencies with banks by the new deadline of February 10.
“It’s only a window for the folks with N10,000 or less and those who haven’t yet deposited their money into their accounts to accomplish that. In order to ask areas to bring out their old notes and exchange them for the new ones, our committee would keep contacting them, he stated.
He clarified that as part of the monitoring effort, ATMs had to be checked to make sure that the new naira notes were loaded and available for clients to withdraw.
He asserts that the ATMs will allow individuals to obtain money and that apex bank authorities monitor the amount of money that is disbursed via the ATMs.
In the event that any bank refused to open for business or failed to distribute the new notes through their ATMs, he asked the general public to inform the CBN.
Aliyu Zarami, a resident of Bauchi, applauded President Muhammadu Buhari’s administration for extending the deadline to February 10. He pleaded on the central bank to penalize any banks or employees that issue new notes in violation of the law.
Nafisa Mohammed, a different local, praised the extension and claimed it will ease tension by enabling people to deposit their old notes and use fresh ones for transactions.
She said, “The banks need to take action on the lengthy line of depositors of the old naira notes.”
Ustaz Saminu Ahmed, a preacher, also applauded the government for extending the deadline.
“However, rural areas require more than a month. To give the general public more time to deposit their old notes, the date should be extended by two months, according to Mr. Ahmed.
