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Wednesday, February 1, 2023

Barely One Week to CBN’s Deadline, Banks Start Disbursing new notes from ATM

Barely one week to the deadline for acceptance of the old notes as legal tender, the nation’s commercial banks have started complying  with the CBN directive to load only newly designed naira notes in their Automated Teller Machines (ATM).

Blueprint Newspaper’s visit to branches of  commercial banks in Lagos Metropolis  showed that bank customers can comfortable withdraw new naira notes from banks ATM.


Investigation showed that while complying with the apex bank directives banks have stopped dispersing new naira notes over the counter, no matter the amount of money the customer intended the withdraw.  Specifically, Blueprint visit to Union Bank,  Access Bank, First Bank branches at Ojota, Oregun, bank  customers were seen withdrawing new naira notes from ATM.

One of the customers at  First Bank who spoke on condition of anonymity said customers can  withdraw maximum of N40,000 with First Bank ATM while customers with other banks ATM allowed to withdraw below N10,000 using another ATM. At the Access Bank and Union Bank branches, customers told Blueprint that with ATM individual can withdraw  between 10,000 and N20,000 and above in a single transaction. Further investigation showed that some banks as at Friday appeared to be struggling to comply with the CBN directive.

Source: blueprint

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