Get Me Coin Automated Teller Machine's - CBN

The Central Bank of Nigeria CBN has perfected plans to upgrade the existing ATM's to allow for dispensing coins as part of efforts to ensure that the proposed N5, N10, N20 coins doesn't go down the drains like the invisible N1 and N2 coins introduced into the economy some months ago.

Mr. Chidi Umeano, Head of Shared Services, CBN highlighted the plans while speaking News Agency of Nigeria, Business News confirms.

“To achieve this plan, what is needed is to facilitate the inclusion of a process called ‘add-on’ to the ATMs. Good enough, the existing ATMs have the add-on feature that will easily make them adapt to coins dispensing.”

He insists that new ATM deployed to the country would have the added feature.

“It is very possible to achieve Automated Teller Machines that will dispense coins. This add-on feature can be activated on the ATMs at any time by the CBN and this is not new because it is being practiced in advanced countries"
“This proposal is in consonance with our cash-less policy and also in line with the CBN’s effort to encourage Nigerians to appreciate coins.”

 This new development isn't unconnected with the proposed N5,000 notes to be released by the CBN and an attempt to savage the lower denomination from going extinct.The proposed N5,000 notes will cost Nigeria well over N40 billion to ensure full circulation in country.

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