CBN Warns Banks That Refuse Complying With Its Directive To Dispense The Newly Redesigned Notes.

Meanwhile, the Central Bank of Nigeria (CBN) is warning that it will penalize 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 warning was issued by the CBN Director, Currency Operations Department, Ahmed Umar, during a training session for state directors of the National Orientation Agency (NOA) in Abuja.

Umar further pointed out that the N500 and N1,000  notes constituted 99 per cent of the currency notes being targeted by counterfeiters.

The CBN also urged banks to comply with the directive to load their ATMs across Nigeria with the new notes to ensure that the redesigned banknotes widely circulate.

He maintained that the January 31, 2023, deadline date for the retirement of the old notes in circulation remained sacrosanct.