CBN Seeks ATM Upgrade to Allow Coins

The Central Bank of Nigeria has said it will facilitate the introduction of Automated Teller Machines that can dispense coins to encourage the citizens imbibe the culture of spending them.

The Head of Shared Services, CBN, Mr. Chidi Umeano, told the News Agency of Nigeria on Monday in Lagos that the plan was in tune with the currency restructuring exercise.

He said the coins dispensing ATMs would hasten the acceptance of coins by Nigerians and change the misconception about their use.

Umeano said, “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 said that the apex bank would ensure that newly deployed ATMs had the add-on` feature among others.

Umeano said, “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.”

NAN recalls that the Director of Banking and Payments System, CBN, Mr. Dipo Fatokun, had in August said the bank would soon facilitate the introduction of multi-functional ATMs.

Fatokun said such ATMs would also be able to accept deposits from customers and credit their accounts immediately.

However, the Central Bank of Nigeria has said that the planned implementation of its cash-less policy in stages may be delayed further.

The CBN Deputy Governor in charge of operations, Mr. Tunde Lemo, said this during a seminar titled, ‘Embracing Federal Government’s Financial Sector Reforms for the Rapid Transformation of the Nigerian Navy’ in Lagos on Friday.

While fielding questions from journalists on the sidelines of the seminar, he said, “There is a possibility of delaying the cash-less policy nationwide.

“The CBN has not taken the decision but it is likely that we may have to spend a little more time in Lagos so that we can get it right  and be able to deal with all the challenges before we roll out nationwide.”

Source: News Agency of Nigeria

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One Comment

1. 

   Obekpa A.

   September 18, 2012 at 8:04 am

   Dispense coins at what value? The problem with Nigeria is that we’re quick to add ‘like it is done in western countries’ to every brainless or unintelligent decisions we come up with. If CBN had redenominated like Soludo wanted to do, it would have made complete sense, bt with this, who is supposed to spend coins? Does anything sell for 50k or even N1 in nigeria anymore. At least, in the western countries, there is value for their coins. This is also why there is a cry against the proposed N5000 note. Sanusi shd get off his high horse and listen to Nigerians. He isn’t in a pariah state.