How to return your old naira notes as banks battle new naira shortage
- Many Nigerian are still stuck with the old naira notes and do not know how to get rid of them
- As a result, banks have set up alternative touchpoints for customers to swap old naira notes
- Touch points like ATMs, PoS operators and Fastrack mechanisms by banks, are available for cash swap
Nigerian banks have reported a shortage of new naira notes despite the Central Bank of Nigeria (CBN) reporting that it has a surplus of the new notes in its vaults.
The CBN, during its many sensitisation outings across the nation, has stated that it is pleading with commercial banks to come for the new notes ahead of its January 31, 2023 deadline.
CBN’s many measures to rid Nigeria of notes
The apex bank vowed to penalise banks that continue to issue old naira notes or dispense the same through their ATMs.
It also asked Nigerians to reject old naira notes from the banks and imposed an N1 million naira daily fine on commercial banks which continue to dispense old naira notes from their ATMs.
Despite these series of threats and measures by the CBN, findings show that many banks in Nigeria are still dispensing old naira notes via ATMs, thereby making Nigerians stuck with the old naira notes just a few days before the deadline.
Consequently, there are a number of steps to take to get rid of your old naira notes before the deadline.
Deposit old naira notes via ATMs
Some banks have issued alternative channels for customers to deposit their old naira notes.
These banks have ATMs that accept deposits. Some ATMs are specifically designed to take in banknotes apart from their primary functions of dispensing them.
Instead of queuing for a long time in banking halls or bulk rooms, bank customers can use some of these touchpoints to return their old naira notes.
Every nook and cranny in Nigeria is replete with Point of Sale, otherwise known as PoS, operators.
In times like these PoS operators come in handy, particularly in rural areas with limited banking activities.
The CBN has said it will introduce cash swaps for those in rural areas to enable them to get rid of their old naira notes.
Most of the PoS operators have longstanding relationships with the banks as most of them are registered agents of the banks.
Bank customers who cannot easily access banking operations can take old naira notes to the PoS operators for deposit.
Cash deposit Fastrack
Many banks have introduced cash deposit Fast-track mechanisms to accelerate cash deposits for their customers.
Some customers are not aware of this touchpoint from the banks, but banks like GTCo and others, have this mechanism to enable customers Fastrack their cash deposits.
These banks have special tellers dedicated to fast-tracking cash deposits. When in the banking hall, you can ask them to show you their fast-track areas.
At the moment, CBN has mounted a countdown clock on its website reminding Nigerians of its resolve to end the circulation of the old naira notes on January 31, 2023. The bank has also sent messages to customers urging them not to wait until January 31, before depositing their old naira notes.
Using the aforementioned touchpoints you might just be a hair’s breadth away from swapping your old naira notes for new notes.
CBN speaks on why It stopped over-the-counter withdrawal of new naira notes
Legit.ng reported that the Central Bank of Nigeria (CBN) has revealed reasons it stopped banks from issuing the new naira notes from across the counter.
The bank’s director of the Legal Services Department, Kofo Salam-Alada said the CBN will be tough on banks that continue to fill their ATM machines with old naira notes as January 31, 2023 approaches.
According to the CBN, it has already started monitoring banks still dispensing old naira notes via their ATMs.