NigeriaCBN: Each Bank Branches Get N30M Of New Naira...

CBN: Each Bank Branches Get N30M Of New Naira Notes Daily

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Bauchi, Nigeria – The Central Bank of Nigeria (CBN) has said that it distributes thirty million naira (N30,000,000) on daily basis to each branch of commercial banks in Bauchi State so customers can access the new currency.

While monitoring banks in Bauchi, the CBN official Abdulkadir Jibrin said this on Monday to ensure residents have access to the new banknotes. He said the exercise aimed to make the banknotes available in banks and to exchange old notes easily.

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In his statement which reads in part; “Only N10,000 and below could be exchanged per person, and if the amount is more than that, one should open a bank wallet. Daily each branch across the state receives N30 million to ensure their automated teller machines (ATMs) are stocked with cash for individuals to withdraw.”

Jubril admonished the public to utilise the deadline which is February 10 to deposit their old currencies with banks to avoid financial loss.

“It’s just a window for the citizens that are yet to take their money into their accounts to do that and then those that have N10,000 or less. Our committee would continue to reach out to localities to ask them to bring out their old notes and exchange them with the new ones,” he said.

He explained that the monitoring exercise entailed checking ATMs to ensure that the new naira notes were loaded for customers to withdraw.

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According to him, the ATMs will give people the opportunity to have access to money, adding that the officials of the apex bank track the volume of disbursement through the ATMs.

He urged the public to report to the CBN if any bank refused to open for operations or failed to disburse the new notes through their ATMs.

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