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CBN To Sanction Banks With ATMs Without New Naira Notes

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CBN To Sanction Banks With ATMs Without New Naira Not

Twelve days ahead of the January 31, 2023 deadline for the old N200, N500 and N1,000 notes to cease to be legal tender, the Central Bank of Nigeria (CBN) has urged Nigerians to report banks that fail to load their Automated Teller Machines (ATMs) with the newly redesigned notes.

The apex bank vowed to begin to sanction banks that fail to comply with the directive.

At a sensitisation event at the popular Computer Village market in Ikeja, Lagos yesterday, the director, Legal Services department of the apex bank, Mr. Kofo Salam-Alada, who represented the CBN governor, Godwin Emefiele, also emphasised that, the January 31 deadline for the old notes to cease to  be legal tender remains sacrosanct.

READ ALSO: Deputy CBN Governor Admits Not Knowing Quantity Of New Naira Notes Printed, In Circulation

Salam-Alada, While noting that he had gone round to some ATMs in Lagos and discovered that some were still dispensing old notes,Salam-Alada, said the apex bank would soon announce sanctions for banks that fail to comply with the directive to load up and dispense the new notes through their ATMs.

Noting that there was more than enough of new notes to go round, he stated that, the shortage of the new notes in circulation was due to the failure of banks to collect the redesigned N200, N500 and N1,000 notes from the vault of the CBN.

“I can tell you today that the CBN, on a daily basis, issues out the new notes. As we speak, banks are with the CBN taking money. We are actually begging banks to come and take money from the central bank.  We have these new naira notes in our vaults and we are begging banks to come and take them.

“We found out that a lot of things are happening that we need to checkmates, so we stopped  withdrawal of new notes over the counter to ensure  that everyone can have access to new notes and not one chief who is known to the manager walks in and  carts away all the new notes in a particular branch. That is why we said it should be in the ATMs which cannot distinguish people,” he said.

He added that, “what we are experiencing now will actually ease up very soon, because  the banks now know that there will be penalty for failure to come and pick money from the CBN and failure to dispense through the ATM. Tell your members that if they  have problems accessing the new naira notes, they can call the CBN to report,” he stated.

Salam-Alada, while reacting to questions from traders in the market that some are selling the new notes, stressed that, anyone caught selling the new notes or any denomination of the naira will face the full wrath of the law in the form of jailtime.

READ ALSO: New Naira Notes Now In Banks For Issuance – CBN

Speaking on the new notes, the president of the Coalition of Associations in Computer Village, Timi Davies, noted that, the production of the new naira notes is a good initiative “but unfortunately the new notes is not well circulated within our market. The ATM machines are not dispensing the new notes and only a few privileged ones seem to be having access to the new notes.

“We want to encourage the CBN and the government to enforce the deadline on the banks. There should be no bank that should not be giving the new naira from their ATM. All ATM should load the new notes. As we are giving the old notes we should be able to get the new notes. If the ATMs are not dispensing, the new notes will not flow around.”

On his part, the Olukosi of Ikeja Land, Chief Lateef Oluseyi, assured CBN of support of the traditional ruling house in educating the community.

Meanwhile, the CBN director dispelled rumors that the new naira was not durable demonstrating that the new notes do not wash off as many had claimed.

He also assured that the new note which, he said, has more than 35 security features is not East for counterfeiters to make, thus reducing the incidence of fake notes.

 

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BREAKING: FG Declares Monday Public Holiday

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By John Michael Ojo

The Federal Government has declared Monday public for the celebration of Eid-ul-Mawlid, the birth of Prophet Muhammad.

This was made known by the Minister of Interior, Dr. Olubunmi Tunji-Ojo in a statement signed by the ministry’s Permanent Secretary, Dr Magdalene Ajani, on Friday.

Ojo, while making the announcement, prayed the Muslim faithful to use the period to intercede on behalf of the nation even as he implored them to remain patient with the current administration.

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Cleric Seeks Policies With Human Face At Wedding Of Olaopa’s Son

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Prof. Tunji Olaopa, his wife Lola, the parents of the bride, Otunba and Mrs Lanre and Toyin Akinpelu and the new couple Mr and Mrs Ademola and Olatilewa Olaopa after their wedding in Ibadan, Oyo State on Thursday.

A cleric , the Ven. Olusegun Faleye, has urged political leaders to use their offices to make policies with a human face.

The cleric who is the Vicar and Archdeacon of Molete Archdeaconry made the call on Thursday in Ibadan , Oyo State, during the wedding of Olatilewa Abiodun Akinpelu and Ademola Kolawole, son of the Chairman of the Federal Civil Service Commission, Prof. Tunji Olaopa.

President Olusegun Obasanjo (right) and the Head of Service of the  Federation, Mrs Didi Walson-Jack (left ) during the wedding in Ibadan, Oyo State on Thursday.

During the event at St. Anne’s Anglican Church, Molete Ibadan, Oyo State, which drew the presence of former President Olusegun Obasanjo and the Head of Service of the Federation, Mrs Didi Walson-Jack , the cleric warned political leaders of the ephemerality of life. He noted that past political leaders never lived forever and that their current successors would also not live forever.

He therefore urged them to use their offices to make policies that would reduce the hardship of the citizens amid the necessity of making sacrifice for a better future.

Dr Festus Oyebade (left), Barrister Henry Idahagbon, Barrister Rufus Godwins and Barrister Ededet Eyoma at the wedding.

The Special Assistant on Administration to Prof. Tunji Olaopa, Mr  Samuel Abalaka (right), the Acting Permanent Secretary of the Federal Civil Service Commission  Mr Ede Ogaba and other  members of staff of the commission at the wedding.

Stressing the importance of marriage, the cleric referred to the biblical story of creation of man and woman in Genesis 2 . He urged the new couple to see themselves as entering into a relationship to make themselves complete.

But he urged them to note that they are two imperfect people entering into a relationship as there are no perfect people.

He urged them to draw strength from the fact that every marriage is peculiar. According to him, even the most identical twins are different, and thus the groom and the bride should consider themselves as different people coming together to form a relationship. But for him, such difference does not stop them from being one in God’s scheme of things.

He urged the couple to be an unbeatable team by being devoted to each other as this is what would make it difficult for outsiders to create any barrier that would separate them.

Giving advice on how to make the marriage of the new couple to work, Walson-jack urged Ademola Olaopa to bring Christian values to his home. Also , Archbishop Emeritus of the Methodist Church in Nigeria and Chairman of the Yoruba Elders Council Ayo Ladigbolu prayed for the new couple.

Also present at the event were federal commissioners in the FCSC . They included Engineer Bukar Wakil, Dr Daudu Jalo, Ambassador Aminu Nabegu, Barrister Rufus Williams, Barrister Henry Idahagbon, Barrister Ededet Eyoma, Mrs Rukiyat Odekunle, Mrs Hindatu Abdullahi, Dr Hussain Adamu, Dr Festus Oyebade and Mr Shehu Aliyu . The Acting Permanent Secretary of the FCSC Ede Ogaba, and retired Federal Permanent Secretary Dr Godknows Igali were also present.

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CBN Gives POS Operators New Guideline, Set Deadline

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By John Michael Ojo

In an attempt to check the excesses of Point of Service (POS) operators and as well as to enable it to track daily transactions carried out by its agents across the nation, the Central Bank of Nigeria has now directed all Payment Service Providers to henceforth, route all transactions through an approved CBN Payment Terminal Service Aggregator.

The apex bank which gave the directive in a circular signed by Oladimeji Yisa Taiwo on behalf of the bank’s Payments System Management Department on Thursday, also issued a 30-day ultimatum for service providers to comply with the guidelines.

The circular read: “In order to achieve the objective of tracking electronic transactions in Nigeria, the Central Bank of Nigeria (CBN) in August 2011, granted a Payment Terminal Service Aggregator (PTSA) licence to Nigeria Interbank Settlement System Plc (NIBSS).

“As part of efforts to mitigate the concerns regarding channelling Point of Sale (PoS) transactions through a single aggregator, the CBN on April 19, 2024, granted a second PTSA licence to Unified Payment Services Limited (UPSL).

“In furtherance of the above, the CBN hereby directs as follows: acquirers are henceforth required to route all transactions from PoS terminals at merchant and agent locations, whether on physical or electronic PoS terminals, through any CBN-licensed Payment Terminal Service Aggregator (PTSA).”

“PTSAs are required to send PoS transactions to only Processors certified by the relevant Payment Scheme, nominated by the Acquirer and licensed by CBN.

“All licensed Processors must be integrated with both PTSAS, thereby allowing Acquirers the flexibility to choose which Processor(s) and PTSA to utilize

“All Payment Terminal Service Providers (PTSPs) must ensure that their PoS devices applications are configured to route transactions through any PTSA, as directed by the Acquirer.

“All PTSPs shall submit monthly returns to the CBN, detailing the number of merchants and agents they manage, along with the PTSA services used to route the corresponding transactions.

“Each PTSA is required to submit monthly returns to the CBN, detailing all transactions processed through their platforms,” it added.

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