The Central Bank of Nigeria (CBN) has ordered banks to use only the newly redesigned naira notes in Automated Teller Machines and to cease using old notes.
The CBN also specified that banks can use a combination of N500, N1000, or N200 denominations in their ATMs. The bank will also be monitoring commercial banks to ensure they comply with this directive.
The Director of Currency Operations for the CBN, Ahmed Umar, said the directive is intended to withdraw old naira notes by January 31st and also to prevent counterfeiting.
The NOA Director-General, Dr. Garba Abari, also announced that the agency has partnered with the CBN to educate staff at 774 local government areas to aid in educating Nigerians on the redesign of the new banknotes policy.
He urged participants to take the training seriously to accurately represent CBN while carrying out enlightenment programs at the grassroots level.