CBN To Introduce Lower Denominations On ATMs

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.

hmmmmm many ATM without network

ancl wrote:

hmmmmm many ATM without network

dem go make d ntwk strong ni

Na them sabi...rubbish people

Make dem do wettin dey wan do, we r use to it. abi wen dey no do ham nko ?

Safex wrote:

ancl wrote:

hmmmmm many ATM without network

dem go make d ntwk strong ni

How? is it by launching another satilite or still upgrade d1 dat d load is much on it already mak trafic kom sele...lolz

dis shld b a gud news 2 @smile cos now he can now withdraw N200 for recharge card

eddyvic wrote:

Safex wrote:

ancl wrote:

hmmmmm many ATM without network

dem go make d ntwk strong ni

How? is it by launching another satilite or still upgrade d1 dat d load is much on it already mak trafic kom sele...lolz

no long tin, na 2 just put lower denomination notes inside d machine

Safex wrote:

eddyvic wrote:

Safex wrote:

ancl wrote:

hmmmmm many ATM without network

dem go make d ntwk strong ni

How? is it by launching another satilite or still upgrade d1 dat d load is much on it already mak trafic kom sele...lolz

no long tin, na 2 just put lower denomination notes inside d machine

if its dat simple wat r dey stil waitin 4 ?

eddyvic wrote:

Safex wrote:

eddyvic wrote:

Safex wrote:

ancl wrote:

hmmmmm many ATM without network

dem go make d ntwk strong ni

How? is it by launching another satilite or still upgrade d1 dat d load is much on it already mak trafic kom sele...lolz

no long tin, na 2 just put lower denomination notes inside d machine

if its dat simple wat r dey stil waitin 4 ?

due process has 2 b followed nah

Safex wrote:

eddyvic wrote:

Safex wrote:

eddyvic wrote:

Safex wrote:

ancl wrote:

hmmmmm many ATM without network

dem go make d ntwk strong ni

How? is it by launching another satilite or still upgrade d1 dat d load is much on it already mak trafic kom sele...lolz

no long tin, na 2 just put lower denomination notes inside d machine

if its dat simple wat r dey stil waitin 4 ?

due process has 2 b followed nah

owk sir, but if nah increase in fuel price dat1 go fast...hehe

eddyvic wrote:

Safex wrote:

eddyvic wrote:

Safex wrote:

eddyvic wrote:

Safex wrote:

ancl wrote:

hmmmmm many ATM without network

dem go make d ntwk strong ni

How? is it by launching another satilite or still upgrade d1 dat d load is much on it already mak trafic kom sele...lolz

no long tin, na 2 just put lower denomination notes inside d machine

if its dat simple wat r dey stil waitin 4 ?

due process has 2 b followed nah

owk sir, but if nah increase in fuel price dat1 go fast...hehe

i don't fink u r a 9jirian o

Safex wrote:

eddyvic wrote:

Safex wrote:

eddyvic wrote:

Safex wrote:

eddyvic wrote:

Safex wrote:

ancl wrote:

hmmmmm many ATM without network

dem go make d ntwk strong ni

How? is it by launching another satilite or still upgrade d1 dat d load is much on it already mak trafic kom sele...lolz

no long tin, na 2 just put lower denomination notes inside d machine

if its dat simple wat r dey stil waitin 4 ?

due process has 2 b followed nah

owk sir, but if nah increase in fuel price dat1 go fast...hehe

i don't fink u r a 9jirian o

I am, y did u say dt ?

nothing is gud there

aneke peter chukwujekwu wrote:

nothing is gud there

Abi o

eddyvic wrote:

Safex wrote:

eddyvic wrote:

Safex wrote:

eddyvic wrote:

Safex wrote:

eddyvic wrote:

Safex wrote:

ancl wrote:

hmmmmm many ATM without network

dem go make d ntwk strong ni

How? is it by launching another satilite or still upgrade d1 dat d load is much on it already mak trafic kom sele...lolz

no long tin, na 2 just put lower denomination notes inside d machine

if its dat simple wat r dey stil waitin 4 ?

due process has 2 b followed nah

owk sir, but if nah increase in fuel price dat1 go fast...hehe

i don't fink u r a 9jirian o

I am, y did u say dt ?

cos I expect u shld b used 2 how tinz work in 9ja nau

Lol... Lower denomination welcome, but they need tow ork on the Internet services the bank use.
this one wey be say he dey chop pple money...... its really sad. and if no be ur bank atm, na to wait till 2wks to 1 month b4 its gonna be reversed, now if na just 2k u need and that happened, the wahala you go do to go report and fill form about the non dispensed but debited amount sef go pass the 2k

Na d tym wey we need dis tin b dis o. I wud hav just withdrew plenty N20 notes wey I go dey spray for christmas

Safex wrote:

Na d tym wey we need dis tin b dis o. I wud hav just withdrew plenty N20 notes wey I go dey spray for christmas

shey u go tel atm d denominatn u wan collect ni ?
Lolz

eddyvic wrote:

Safex wrote:

Na d tym wey we need dis tin b dis o. I wud hav just withdrew plenty N20 notes wey I go dey spray for christmas

shey u go tel atm d denominatn u wan collect ni ?
Lolz

possibly

Dnt expect 5 naira o

smile2012 wrote:

Dnt expect 5 naira o

go n sit down jor!

I think is a gud idea

Abdulsalaam olawale wrote:

I think is a gud idea

yes it is

What is the big deal?