UBA, Stanbic IBTC and Other Banks Announce Availability of New Naira Notes on ATMs
- Several commercial banks in Nigeria have sent messages to their customers on the availability of new naira notes
- UBA, Stanbic IBTC and others said customers can now access the new notes across the country on their ATMs
- CBN had directed the banks to load their ATMs with new naira notes and stop over-the-counter withdrawal
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Some Nigerian banks have started complying with CBN directives to load ATMs with the new naira notes.
In messages sent to their customers on Monday, January 9, 2022, a couple of banks in Nigeria indicated that the new notes can now be accessed on their ATMs.
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Banks comply with CBN directive
Among the banks is United Bank for Africa (UBA) which announced that its customers can now get the newly redesigned notes at its Automated Teller Machines across the country.
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UBA had on Sunday sent messages to its customers that they can now withdraw the new notes and capped the withdrawal limit at N100,000.
UBA said:
“We are happy to inform you that the newly redesigned naira notes are now available at all UBA ATMs nationwide.
“Please note that the maximum daily cash withdrawal limit for these notes at our ATMs is N100,000,” a part of the message from UBA obtained by this newspaper disclosed.
Also, Stanbic IBTC, Zenith Bank and GTCo announced that the new notes are also available on their ATMs but that customers can only access N200 notes via the withdrawal points.
There has been confusion among the banking public in Nigeria concerning the scarcity of the new naira notes with many customers lamenting their inability to have access to them as the banks continued to dispense old notes
The banks complained that they do not have enough of the new notes to go around and so continued to issue the old notes.
Customers ask for deadline extension
According to reports, the Central Bank of Nigeria said there were enough of the new notes to go around and asked the commercial banks to load their ATMs with just new naira notes.
The apex bank, however, said the banks can only load N200 denomination of the new notes on their ATMs in compliance with its cashless policy and recently introduced withdrawal limits across Nigeria.
The scarcity of the new naira notes has led many Nigerians and the National Assembly to ask the CBN to extend the deadline for the deposit of old naira notes by three to six months.
CBN stated that there is no going back on the deadline of January 31, 2023, for the cessation of the circulation of old notes in Nigeria.
CBN may extend deadline for deposit of old naira notes as scarcity of new notes persist, gives banks orders
Legit.ng reported that the Central Bank of Nigeria (CBN) on Friday, January 6, 2023, ordered commercial banks to load only N200 notes on ATMs across the country.
The move follows several complaints from depositors who are yet to access the new notes since they began circulation on December 15, 2022.
The order by the apex bank led to some banks stopping over-the-counter issuance of the new notes.
Source: Legit.ng
