According to the Central Bank of Nigeria (CBN) in Bauchi, it allocates N30 million in new naira notes to each branch of commercial banks in the state on a daily basis to increase customer access to the new notes.
This was stated by CBN official Abdulkadir Jibrin while monitoring banks in Bauchi on Monday to ensure residents had access to the new banknotes. He stated that the exercise’s goal was to make banknotes available in banks and to make it simple to exchange old notes.
“Only N10,000 and below could be exchanged per person, and if the amount is more than that, one should open a bank wallet. “Every branch in the state receives N30 million every day to ensure that their automated teller machines (ATMs) are stocked with cash for individuals to withdraw,” he explained.
He urged the public to extend the deadline for depositing old currencies with banks to February 10 in order to avoid financial loss.
“It’s just a window for citizens who have yet to deposit their money into their accounts, as well as those with N10,000 or less. Our committee would continue to contact localities, asking them to bring out their old notes and exchange them for new ones,” he said.
He explained that the monitoring exercise entailed checking ATMs to ensure that the new naira notes were loaded and ready for withdrawal by customers.
According to him, the ATMs will provide people with access to money, and officials from the central bank will monitor the volume of disbursement through the ATMs.
He urged the public to notify the CBN if any bank refused to open for business or failed to distribute the new notes via ATMs.