To increase customers’ access to the new notes, the Central Bank of Nigeria, Bauchi State, claims it distributes N30 million in new naira notes each day to each branch of the state’s banks.
Mr. Abdulkadir Jibrin, a representative of the apex bank, made this statement on Monday while monitoring banks in Bauchi to ensure that state residents had access to new naira notes.
The purpose of the exercise, according to him, was to ensure that the new naira notes were available in the banks and that residents could easily exchange their old notes for the newly redesigned notes.
Only exchanges of N10,000 or less per person are permitted; if the amount is higher, one should open a bank wallet.
Every day, N30 million is distributed to all branches in the state to ensure that their Automated Teller Machines are fully stocked with cash for customers to withdraw, he said.
However, he urged the populace to use the deadline extension to deposit their old currencies with banks by February 10 in order to prevent financial loss.
“It’s just a window for the citizens with N10,000 or less and those who haven’t yet deposited their money into their accounts to do that.
He added that “our committee would keep in touch with localities to request that they bring out their old notes and exchange them for the new ones.”
He explained that the ATMs were checked as part of the monitoring exercise to make sure that the new naira notes were loaded and available for customers to withdraw.
He asserts that the ATMs will allow people to access money and that apex bank officials 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 urged the general public to inform the CBN.
Mr. Aliyu Zarami, a resident of Bauchi, applauded the federal government for extending the deadline to February 10.
He urged the central bank to punish any banks or employees found to be in violation of the rules or instructions regarding the issuance of new notes.
Hajiya Nafisa Mohammed, a different local, praised the extension and claimed it would ease tension while giving people the chance to deposit their old notes and obtain new ones for use in transactions.
She said, “The banks need to take action regarding the lengthy line of depositors of the old naira notes.”
Ustaz Saminu Ahmed, a cleric, also applauded the federal administration for extending the deadline.
The date should be extended to two months, he said, “because rural communities need more time than one month to deposit their old notes.”