The Central Bank of Nigeria (CBN) in Bauchi State has announced that it allocates N30 million in new naira notes daily to each bank branch in the state. This initiative aims to enhance customer access to the newly redesigned currency. Mr. Abdulkadir Jibrin, an official from the apex bank, made this statement while monitoring banks in Bauchi on Monday. He emphasized that the purpose of the monitoring exercise was to ensure the availability of new naira notes in banks and facilitate the exchange of old notes for the new ones for residents.
Mr. Jibrin explained that individuals can exchange only N10,000 or less in old notes per transaction. For amounts exceeding this limit, customers are required to open a bank wallet. He reiterated that each bank branch receives N30 million daily to ensure that their Automated Teller Machines (ATMs) are adequately stocked with cash for customer withdrawals. He also urged the public to take advantage of the extended deadline of February 10 to deposit their old currency with banks to prevent financial loss. This extension provides a crucial opportunity for citizens who have not yet deposited their money into their accounts, as well as for those with N10,000 or less.
The monitoring exercise involved checking ATMs to confirm that they were loaded with new naira notes for customer withdrawals. According to Mr. Jibrin, the ATMs are designed to provide individuals with access to cash, and officials from the CBN track the volume of disbursement through these machines. He encouraged the public to report any bank that refuses to open for operations or fails to dispense new notes through their ATMs.
Residents of Bauchi have expressed their appreciation for the federal government’s decision to extend the deadline to February 10. Mr. Aliyu Zarami commended the extension and urged the CBN to impose sanctions on banks or agents that violate any rules or directives regarding the issuance of new notes. Similarly, Hajiya Nafisa Mohammed praised the extension, stating that it would alleviate tension and give people the chance to deposit their old notes and obtain new ones for transactions. She also called on banks to address the long queues faced by depositors of old naira notes.
Cleric Ustaz Saminu Ahmed also supported the federal government’s decision to extend the deadline but suggested that rural communities require more time. He proposed extending the deadline to two months to allow those in grassroots areas to deposit their old notes effectively.
Comments are closed for this story.