The Central Bank of Nigeria has said it will facilitate the introduction of Automated Teller Machines that can dispense coins to encourage the citizens imbibe the culture of spending them.

The Head of Shared Services, CBN, Mr. Chidi Umeano, told the News Agency of Nigeria on Monday in Lagos that the plan was in tune with the currency restructuring exercise.

He said the coins dispensing ATMs would hasten the acceptance of coins by Nigerians and change the misconception about their use.

Umeano said, “To achieve this plan, what is needed is to facilitate the inclusion of a process called ‘add-on’ to the ATMs.

“Good enough, the existing ATMs have the add-on feature that will easily make them adapt to coins dispensing.”

He said that the apex bank would ensure that newly deployed ATMs had the add-on` feature among others.

Umeano said, “It is very possible to achieve Automated Teller Machines that will dispense coins. This add-on feature can be activated on the ATMs at any time by the CBN and this is not new because it is being practiced in advanced countries.

“This proposal is in consonance with our cash-less policy and also in line with the CBN’s effort to encourage Nigerians to appreciate coins.”

NAN recalls that the Director of Banking and Payments System, CBN, Mr. Dipo Fatokun, had in August said the bank would soon facilitate the introduction of multi-functional ATMs.

Fatokun said such ATMs would also be able to accept deposits from customers and credit their accounts immediately.

However, the Central Bank of Nigeria has said that the planned implementation of its cash-less policy in stages may be delayed further.

The CBN Deputy Governor in charge of operations, Mr. Tunde Lemo, said this during a seminar titled, ‘Embracing Federal Government’s Financial Sector Reforms for the Rapid Transformation of the Nigerian Navy’ in Lagos on Friday.

While fielding questions from journalists on the sidelines of the seminar, he said, “There is a possibility of delaying the cash-less policy nationwide.

“The CBN has not taken the decision but it is likely that we may have to spend a little more time in Lagos so that we can get it right  and be able to deal with all the challenges before we roll out nationwide.”

Source: Punch

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The Central Bank of Nigeria said on Thursday that it would introduce a single N5,000 note and reduce existing N5, N10 and N20 notes to coins by early 2013.

CBN Governor, Lamido Sanusi, who made this known at a news conference in Abuja, said the notes and coins were being introduced under the bank’s currency restructuring exercise tagged “Project Cure.”

He said that three women involved in the independence struggle in the country had been nominated to be in the new N5,000 note.

They are Margaret Ekpo, and Funmilayo Ransome Kuti and Hajia Gambo Sawaba.

“On November 28, 2011, the CBN board considered and approved the new currency series. It subsequently sought and on December 19, 2011 obtained the approval of the President, Dr. Goodluck Jonathan.

“Under the new structure, the existing denominations of N50, N100, N200, N500 and N1000 will be redesigned with added new security features.

“It is our pleasure to inform you that a new high currency denomination will be introduced. It is the N5, 000 note,” he said.

Sanusi said the naira currency structure would now be six coins and six banknote denominations.

The coins,  he said would include 50k, N1, N2, N5,N10 and N20, while the bank notes would be N50, N100, N200, N500, N1,000 and N5,000.

He said that efforts were being made to ensure that the redesigned N50 and N5,000 would be launched early in 2013.

Sanusi allayed fears that the introduction of the N5,000 note would not cause any inflation in the economy as had been argued by some people.

“Inflation in Nigeria is a monetary phenomenon; secondly, in some countries such as Singapore, Germany and Japan, the highest denominations are 10,000SGD, 500 Euros and Yen 10,000 respectively.

“These denominations have relatively high dollar equivalent. The levels of inflations are, however, lower at 2.8, 1.1 and -0.7 as at 2012,” he said.

Sanusi said it was the apex bank’s belief that the introduction of a higher bill would complement the bank’s cashless policy as it would substantially reduce the volume of currency in circulation, in the long term.

He said the bank would liaise with relevant Ministries, Departments and Agencies, deposit money banks, road transport workers, market operators, small businesses, supermarkets and vendors among others, to encourage the use of coins.

“We will ensure that coins collection is convenient and the infrastructure readily assessable,” he said.

Sanusi said the introduction of the new currency series would be a gradual process as the banknotes would circulate simultaneously with the old series until they are fully withdrawn from circulation.

He said that there would be no urgent need for exchange of the old notes for the new banknotes by the general public, because “for as long as the old banknotes are in circulation, they remain legal tender.”

Sanusi said the CBN Currency Operations Department, Nigerian Security Printing and Minting Company PLC and competent international consultants would collaborate in designing the new currency.

Source: Punch

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