Economy

Banks Fight New Naira Shortage Ahead Deadline

Eight days to the January 31 deadline set by the Central Bank of Nigeria, CBN, to stop the old N1,000, N500, and N200 notes from being legal tender, banks’  Automated Teller Machines in Ibadan and its environment are still dispensing the old notes, findings by Radio Nigeria have revealed.

Despite the apex bank and depositing banks’ assurances that Nigerians would begin to receive the new naira notes from ATMs across different platforms, findings as of Sunday and Monday showed that many ATMs belonging to the financial institutions were dispensing the old notes.

Although some of the ATMs visited First Bank and Polaris among others, dispensed the new notes, Radio Nigeria observed that banks were still loading a significant number of their ATMs with the old naira notes which are due to be phased out by the CBN in about a week’s time while some are not dispensing at all.

Titilayo Kupoliyi

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