Glamtush reports that the Central Bank of Nigeria (CBN) has directed commercial banks and other financial institutions operating Automated Teller Machines (ATMs) in the country not to load bank notes above N200.
The apex bank in a circular on Tuesday, December 6, 2022, said this move is to deepen its cashless policy and reduce the volume of cash transactions in the financial system.
“Only denominations of N200 and below shall be loaded into the ATMs,” the bank said, adding that the new policy is sequel to the launch of the redesigned N200, N500 and N1,000 notes by President Muhammadu Buhari on November 23, 2022.
CBN Governor, Godwin Emefiele had on October 26, 2022, announced the redesigning of the three bank notes, saying the new and existing currencies will remain legal tender and circulate together until January 31, 2023.
The apex bank believes that the redesigned notes will limit cash in circulation and therefore restricts the heinous activities of ransom-demanding kidnappers as well as politicians who want to rig elections.
However, the Peoples Democratic Party (PDP) and some eminent Nigerians including Governor Godwin Obaseki of Edo State as well as the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, have faulted the naira redesign as having no basis in economics.
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