Olu Samuel, Lokoja

The Central Bank of Nigeria,CBN has warned of consequences for commercial Banks found to be stocking their Automated Teller Machines with old notes scheduled to seize to be legal tender by the 31st January.

Speaking on Thursday in Lokoja,the Kogi State capital, during the sensitisation of market men and women about the redesigned Naira notes, Deputy Director, currency operation,Dr Rekiyat Yusuf said that any ATM found to still have old notes would be shot down and appropriate sanction applied on the operating bank.

She urged traders to avail themselves the opportunity of the January 31st deadline window to visit either their banks or any bank in case of those without bank account and exchange their currency with the newly redesigned notes of 200,500 and 1,000 Naira.

“There is no reason for banks to still be stocking their Automated Teller Machines with old notes and the Apex bank has made enough redesigned notes available for dispensing to members of the public adding that any bank caught would be made to face appropriate sanction”

Earlier,Dr Yusuf had outlined the reasons for redesigning the notes including curbing terrorism, kidnapping for ransome and endemic corruption.

Other reasons identified include so much money outside the banking system thereby fuelling inflation and the need to fulfill international best practices of redisgning currency once in five to eight years.

Also speaking,the Kogi State branch controller,CBN , Alhaji Ahmed Sule urged traders to accept the new currency until January 31 deadline date.

According to him, “Lokoja being a gateway state to many states where a lot of business transactions involving currency exchange take place,it is necessary to embark on active sensitisation due to its primary responsibility of issuing currency to the public.

The Apex bank also embarked on the inspection of some Automated Teller Machines within the metropolis to ensure that the machines are stocked with the newly redesigned notes.