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.

Source: http://www.nigerianbulletin.com/threads/cbn-to-introduce-lower-denominations-on-atms.102316/

dats gud... hmmm i knew dis wil mak front page, FTC!!! sign of gud tins 2 kom dis festive season ooo. dancing skelewu. thank JESUS 4 dis

Really? That's their best idea?
This is just a bad idea on so many levels.
You can't withdraw certain amounts over the counter and now they want to torture us with smaller denominations... Imagine withdrawing just 10k when an ATM is dispensing N100 notes, not to talk of a higher withdrawal.

what of the 65 naira bank charge? Bleep cbn and its governor

good

.FP things!!! shout out to my mom, dad uncles n Aunts .




brother n sisters





I see u




n I know u see me too. . . .

The good side is that it will reduce this problem of 'no change' that has always arisen when one withdraws 1000 naira notes and intends to buy things that cost lower denominations.

Most times you will just have to buy something you don't need at the moment ( recharge card for instance) just to get change.

The bad side? people will begin to hold church service-like meetings at ATM points because there's going to be much crowd. And how much do they want to withdraw? Maybe just #100!

.

Good development.

At least a niga can withdraw his last card.

E dey pain me when I have N1400 in my account, where N1000 belongs to the bank and N400 belongs to me but cannot be withdrawn.

That's so annoying.

It is a welcome development.

I get to withdraw just 50 naira for transport.... good days are here

Now expect longer queues at ATM points.

500 naira is okay, but anything less, is a waste of resources...

I collect #200 they charge me #65...

Ish...

Clueless CBN Governor installed by a shoeless man..

When will these guys stop smoking?

Its one thing for CBN to introduce it and its another thing for the banks to comply. I can't remember the last time I withdrew cash containing 500 from the ATM.

Anyhow!!!

so very soon I go fit withdraw hundred naira or 200 if I dey stranded for Ikeja..

CBN should stop smoking reefer.

Hmmm...I reserve my comment.

The queues at ATM points will be huge and 80% of them will fill up the queue just to withdraw 200 naira.

wht will that change?

hmmm, so people still want to get lower denominations eh?

At the rate that the Naira keeps rising against the dollar, I would have thought that the CBN would start introducing N5,000 and N10,000 notes, lol.

Imagine going out on a friday night with a fat bulging wallet, only to open it up, and see that you have about fifty N20 notes; not a cool feeling at all.

[size=32pt]no Problem if that would help reduce poverty. [/size]

These are no news

Cbn solving thing that are not our problem since 1960.

Good morning to CBN and FG.

useless development

Cbn solving things that are not our problem since 1960.

Good development. @ least, my lil brothers will be glad to know that they can now withdraw their money to the last hundred naira.

Btw sef, i tot madam iweala said we shld not panic...


This one that cbn is doing sef is ringing alarms in my head.

Why such introduction if not that they are foreseeing a very tight economy in the nearest future.

Anyway.... It is none of my biz

Baddestguyp:
useless development