(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
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