According to Umar, the CBN’s directive was to implement the January 31 deadline withdrawal of old naira notes (N200, N500 and N1000) in circulation.
The Central Bank of Nigeria (CBN) on Monday urged commercial banks in the country to make sure that they comply with the directive of loading the newly redesigned naira notes in their Automated Teller Machines (ATMs).
CBN Director, Currency Operations, Mr Ahmed Umar, stated this in Abuja on Monday.
Umar, who spoke at the Training Session for State Directors, National Orientation Agency (NOA) on Redesign of Currency Notes Policy, said commercial banks should stop putting old notes in ATMs or face a penalty.
According to Umar, the CBN’s directive was to implement the January 31 deadline withdrawal of old naira notes (N200, N500 and N1000) in circulation.[ruby_related heading=”More Read” total=5 layout=1]
“We, CBN management, have mandated banks to stop putting old notes in their ATM machines. They should only put the new notes.
“And there is a serialisation of the policy that they can put either N500, N1000 or N200 notes whichever denomination they have or combination of any of those notes, they should just put a new note in their machines.
“We’re going to monitor to ensure that the banks comply, and if they don’t, we’ve penalty for non-compliance.”
In other news,
The Nigerian Security Printing and Minting (NSPM) Plc also called MINT, Friday, explained why the new Naira notes leave ink when rubbed on plain white surfaces while stressing that best international best practice was followed in their production.
The company, also referred to as The MINT, is responsible for producing the naira, Nigeria’s currency.
In a statement on Friday, signed by NSPM’s Managing Director, Ahmed Halilu said its attention has been drawn to various clips, skits, concerns and comments on diverse platforms regarding the quality of the redesigned notes.
Addressing some of the popular criticisms of the new naira notes, Halilu affirmed they were of the same substrates as the existing ones and passed through the same printing processes and finishing procedures.
“It is, therefore, basically the same as the other notes in circulation,” he explained.
“It is, however, important to note that new banknotes are generally light when issued, then become heavier in circulation on getting in contact with dirt and moisture,” Halilu added.
“In addition, the second stage of currency printing (intaglio) requires a heavy deposit of special inks with fairly large particles to give a tactile feeling of the portraits as well as other raised prints by way of design.