Currency redesign: DMBs plan more counters, assign special tellers to handle huge note deposits
By Adewale Sanyaolu and Chinwendu Obienyi
Deposit Money Banks (DMBs) across the country have begun urging Nigerians to deposit their old Naira notes to their branches without delay..
This was even as they noted that stress was likely to hit their staff strength in the coming weeks.
The CBN Governor, Godwin Emefiele, had last week informed the paex bank would be redesigning the N200, N500, N1000 denominations to enable its rakin an estimated N2.77trillion floating outside the financial system and which many believe has been fueling illegal transactions within the country.
According to him, “there have been significant hoarding of banknotes by members of the public, with statistics showing that over 80 percent of currency in circulation are outside the vaults of commercial banks; worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability; increasing ease and risk of counterfeiting evidenced by several security reports.
Emefiele further stated that all Deposit Money Banks (DMBs) currently holding the existing denominations of the currency may begin returning these notes back to the CBN with immediate effect, adding that the newly designed currency will be released to the banks in the order of First-come-First-serve basis.
“Customers of banks are enjoined to begin paying into their bank accounts the existing currency to enable them withdraw the new banknotes once circulation begins in mid-December 2022. All banks are therefore expected to keep their currency processing centers from Monday to Saturday so as to accommodate all cash that will be returned by their customers.
For the purpose of this transition from existing to new notes, bank charges for cash deposits are hereby suspended with immediate effect.
Therefore, DMBs are to note that no bank customer shall bear any charges for cash returned/paid into their accounts. Members of the public are to please note that the present notes remain legal tender and should not be rejected as a means of exchange for purchase of goods and services”, the CBN Governor said.
However, staff of some new generation banks, who pleaded anonymity, told Daily Sun that there has been a directive from their CEOs asking them to come and work on weekends so as to meet the CBN deadline quickly. Several banks have already sent messages to their customers about the information. Access Bank Plc, in an emailed note titled; Update on New Naira Notes, said, “Dear valued customer, This is to inform you that the CBN will issue a new series of Naira notes beginning December 15, 2022. Beat the rush, visit an Access Bank location now to deposit your cash. Thank you for banking with us”
A staff of one of the new generation banks, said “Normally, bank staff work from Monday to Fridaybut some persons that work in operations come on Saturday as well.
