The Central Bank of Nigeria (CBN) is planning on introducing lower denomination of N200 and N100 on automated teller machines (ATMs) nationwide – the Daily Independent reports.
“We are working towards having the mix of
lower and higher denominations and we believe
that this will be acceptable by Nigerians and will
further enhance the use of ATMs and promote
cashless policy further into the rural areas and
also
drive the policy of financial inclusion”, Head,
Payment System Policy and Oversight Division of
Banking and Payments Department of the CBN,
Mr Musa Iteopa-Jimoh, said.
He said the introducing lower denominations is
good for the apex bank than the current situation
where higher denominations are available as it
will serve as deterrent for those who want to
withdraw huge amounts, because it will be
difficult to carry huge amount from ATM points.
He, however, stated that the reason why banks
are not putting lower denominations is the cost of
processing lower denominations and that the
banks find it easy to put higher denominations
there because it will mean more money in the
machine and the introduction of lower
denominations will mean constant loading of the
machines.
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