The Central Bank of Nigeria has said that there is a large circulation of the new naira notes in the economy.

CBN Lagos branch controller Godfrey Koyor said this during a stakeholder awareness event on the redesign of the coin at the Balogun market in Lagos on Tuesday.

He also expressed the CBN’s determination to stick to the January 31 deadline to phase out old naira notes.

He said: “We are giving everyone the assurance that the new naira notes are available and available to everyone. We are distributing through the banking system. And as the transaction takes place, you will have the new ones.

“So as people hand in the old bills, they will receive the new bills. We have put many of the new redesigned banknotes into circulation and it is circulating.”

And he added: “I assure you that if you go to the ATM, you will get the new bills. The gist of giving the directive that the new naira notes should be dispensed through the ATM is to make them available to people during business hours and outside business hours.

“So whether it’s banking hours or outside banking hours, if you go to your ATM, you’ll get the new naira notes. It’s a directive that the main bank has given to all the money deposit banks to make the money available in the machines so that people can have access to it, and we’re providing them with the new notes and they’re making them available of the machines. .”

He said it was an order coming from the main bank that all ATMs from now on should be loaded with the new bills only.

Koyor added: “And so we wait for compliance from the banks. And we believe that they are complying because they know the implications of non-compliance.

“There are implications for the failure of the bank, of the Central Bank, we have supplied the banks and we have given them a directive so that they make the tickets available to the client through the payment channels, which is the ATM.”

Speaking about the calls for a deadline extension, he said: “Right now the deadline is January 31 and it’s not changing. We have not changed the deadline. As I speak to you, the deadline remains sacrosanct and what we are asking the public and banks to do is turn in old bills and grab new ones.

“We have enough new notes on offer, we have enough. Give us the old notes you have in your possession, hand them over, deposit them in your bank, let your bank bring them to us and collect new notes.”