Market News

Banks Record Improvement In ATM Disbursement - NEW TELEGRAPH

JANUARY 25, 2023

The directive to banks by the Central Bank of Nigeria (CBN) to ensure adequate new naira notes in their Automated Teller Machines (ATM) recorded some improvement over the weekend in Lagos as more bank customers had access to the redesigned notes. Findings by New Telegraph across some bank branches in Lagos metropolis showed that most of the banks complied with the directive while a few others still had old notes in their machines.

This came as some customers faulted their limited access to cash with their ‘other banks’ debit cards. Customers, who be-sieged the ATMs that had the new notes heaved a sigh of relief as they had waited endlessly for the banks to load their machines as directed by the apex bank. Among the banks visited by our correspondent were Polaris Bank, Zenith Bank, Access Bank, Stanbic IBTC, UBA, GTBank and First Bank.

While some of the banks had a mix of old and new notes in some if their branches, it was, however, discovered from all branches of Stanbic IBTC visited that old naira notes still filled their machines. A chat with the security men on duty revealed that the bank was yet to comply with the directive by CBN as far as the branches visited were concerned. Deapite the perceived improvement, some bank users, who were able to access the new notes, however, told our correspondent that the banks should do more to ensure more of the notes were in circulation.

There was, however, a sore point in one of the branches of First Bank, precisely in Alimosho, where it was discovered that the withdrawal was restricted to maximum N5, 000 per session instead of N10,000 for ‘other banks’ ATM debit card holders just as the total for the day was also restricted to a maximum of N70,000. Recall that the CBN had two weeks ago ordered deposit money banks to load the new naira notes on their ATMs with immediate effect.

This follows a lot of complaints and dissatisfaction expressed by Nigerians who have not been able to access the redesigned notes since it was rolled out on December 15, 2022.

 Moreover, in the last three weeks, the apex bank has also been on nationwide sensitisation in a bid to reassure Nigerians of the need to redesign the currency and to also adhere to the January 31 deadline for the old notes to become illegal


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