CBN Threatens To Sanction Banks Loading ATMs With Old Notes

The Central Bank of Nigeria (CBN) has warned that it will penalise banks that fail to comply with its directive to dispense the newly redesigned N200, N500 and N1,000 through their Automated Teller Machines (ATMs).

The branch Controller of the Apex Bank in Ogun State, Alhaji Wahab Oseni stated this on Thursday during a sensitization program organised by members of the public, especially market men and women at the popular Lafenwa Market, in Abeokuta, the Ogun State capital.

He said that a penalty will be meted out on any commercial banks that failed to load their Automated Machine Teller (ATM) with the newly redesigned notes.

The CBN boss noted that more cash has been supplied to its branches so as to make sufficient cash available to the commercial banks.

He explained that all the banks were given a deadline of January 13th to dispense the old Naira notes.

“The CBN Governor and his team have supplied more cash to branches of CBN and from Wednesday, sufficient cash is now available in all the commercial banks to extend that they will be penalized.

“The CBN Governor and his team have supplied more cash to branches of CBN and from Wednesday, sufficient cash is now available in all the commercial banks to extend that they will be penalized.

“Any bank found to be found to be loading their machines with old notes will be penalised,” he added.

Oseni urged members of the public to embrace the cashless policy by transacting businesses through other alternatives than going about with a large sum of money in cash form.