New Naira Notes: It’s Sanctionable Offense To Dispense Old Naira Notes Via ATM – CBN Warns

The Evangelist
January 20, 2023

The Central Bank of Nigeria, CBN, has threatened to sanction banks in Cross River State who still
dispense old naira notes with their Automated Teller Machines.

Glory Iniunam, the Branch Controller, Central Bank of Nigeria Calabar disclosed this during a sensitization drive across major markets in Calabar.

The sensitization drive which commenced at about 9.00 am took the CBN team to the Watt Market, Etim Edem Park, Bogobiri, Marian market, Ikot Ishie Market, and 8 Miles Market.

According to the CBN Calabar Branch Controller, “For now the ATMs are distributing new notes because we have given them and it’s a sanctionable offense for you to dispense old notes, all banks know this. There are sanctions for ATMs still dispensing old notes.

“IF there is anybody dispensing old notes we are doing spot checks and are going to do another one today, tomorrow, and by the weekend.

“Any ATM dispensing old notes we will make the report and there are sanctions for them,” she said.

She explained that the essence of the sensitization is to keep people informed on the new naira notes as well as the deadline for the use of the old notes.

She said banks are still issuing old notes over the counter because ordinary people use the ATM but advised those with the old notes to take them back to the bank before the 31st of this month.

Her words: “What we are here for is to sensitize the people on the acceptance and the deadline for the newly redesigned naira to let them know that as of 31 January 2023, the old note will cease to be a legal tender.

“From 1st February 2023, the new note will come to being completely and we are not going to use the old note anymore.

“Anyone that has the old note should take it to the bank before 31st January 2023 and get the new notes. If you are going over the counter we are still giving the old notes the reason being that it is the ordinary people that use the ATMs and we want the money to get into circulation.

“You can still collect the old note from over the counter and use but before the 31st of January
take it back to the bank and they must have received enough so they can give it to you”, she said.

She advised remote villages and communities without financial institutions across the state to
come together and write to the bank so that POS agents will be mobilized to such areas.

“If there are communities without a bank they should come together and write to us that they don’t have a bank and there are POS agents who are circulating to the rural areas and the unbanked.

“They carry this money and go to the bank to withdraw and they take these new notes to their communities to disburse, so the circulation goes on like that”, she said.