We Have Enough New Notes For Banks, Says CBN

However, the top bank said it has made available enough new naira notes to the commercial banks in the state to be distributed at their ATMs for the residents of the state.

CBN’s Ilorin branch controller, Mr. Lamidi Najim, stated this in Ilorin, the state capital, during the monitoring activities initiated by the management of the branch at some banks in the state.

Among the audited banks were UBA, Zenith and Access.

However, Najim said that the CBN has taken all measures to help the residents of the state access the new banknotes.

“The newly designed naira notes were introduced by the CBN to control the amount of money in circulation, prevent counterfeiting, reduce inflation and discourage ransom payments.

“In addition to exchanging the new banknotes, the top bank says it has also made money exchange available to enable people in rural communities to exchange their old currencies for new ones,” said Najim.

Meanwhile, the residents of the state have appealed for an extension of the policy to help them access the new naira notes.

Some residents speaking to journalists over the weekend expressed concern about their plight at various banks and ATMs trying to get the new notes.

Some banks limited ATM withdrawals to N10,000, while others who exchanged cash in the banks were allowed to exchange up to N20,000 per person.

The residents said it was not easy for them to get the new naira notes as the deadline is about to pass.