By Chinwendu Obienyi 

The Central Bank of Nigeria (CBN) has said Deposit Money Banks (DMBs) should evacuate at least 75 per cent of the balance of the old Naira notes in their vaults.

These were the key decision of the emergency Bankers’ Committee meeting.

Governor  Godwin Emefiele in a circular to banks’ managing directors, said that the new Naira notes allocated to banks shall be apportioned in the ratio 40:30:30 for Agent Cash Swaps, Over-the-Counter and ATMs respectively.

He noted that the CBN and law enforcement agents will continue to monitor banks’ compliance with the cash withdrawal limits and sanction any erring bank accordingly.

“Some vulnerable areas of Lagos (Badagry, Ikorodu and Epe) will benefit from on-going cash swap through agents. 

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Banks shall evacuate at least 75 per cent of the balance of the old Naira notes in their vaults to the CBN”, Emefiele said.

He also mandated that against the backdrop of reports of increasing system downtime and transaction failures on POS, USSD, NIP channels, all banks are required to ensure 24/7 system uptime and transaction failures reduced to the barest minimum.

“In view of increasing customer complaints on resolution of failed transactions, all banks are required to implement immediate auto reversals on failed POS, NIP and Web transactions failing which the CBN will legislate auto reversals below a certain threshold 

Banks are encouraged to explore the option of re-routing failed transactions to other alternative electronic channels to ensure that customers’ accounts are not debited with the attendant negative impact on customer experience and confidence”, Emefiele said.

The CBN Governor thereafter said that all banks shall embrace and encourage increased adoption of NQR as additional alternative payment channel for merchants to boost electronic transactions.

“In this regard, the MD NIBSS shall provide daily activity reports on adoption and volume of NQR transactions to the Governor. The DG FSS shall monitor to ensure compliance”, Emefiele said.