The Central Bank of Nigeria (CBN) may have rescinded its earlier order prohibiting banks from loading higher denomination banknotes into Automated Teller Machines (ATM), saying financial institutions are free to accept payments in any denomination through the channels.
According to a survey conducted, more than 90% of residents of Lagos, the nation’s financial centre, have yet to exchange or spend the new notes. One in ten respondents claimed they are not “bothered,” while three out of five respondents believed Nigerians needed more time to become accustomed to the new notes.
The main justification offered by those who are unconcerned is their conversion to an electronic payment system. The National Assembly has raised questions concerning the the hurried demonetisation of the old notes with the Senate seeking an extension to June.
But the CBN said there are no compelling reasons for extending the deadline beyond January 31. Its Governor, Godwin Emefiele, had said that there are multiple channels where individuals could despite the old notes and that there is no reason those who warehouse legitimate money could not offload in the 100-day window given by the bank.