Currency reform: CBN to introduce coins dispensing ATMs

Posted: September 17, 2012 in Uncategorized

The proposed N5000 note, which the Central Bank of Nigeria planned to bring into circulation next year is meant to serve traders and other people who move about with large amount of money.

As part of its plans to make transaction easier, the Central Bank of Nigeria (CBN) says it is making plans for the introduction of coins dispensing Automated Teller Machines (ATMs).

The apex bank Head of Shared Services, Mr Chidi Umeano said that the coins dispensing ATMs would speed up the acceptance of coins by Nigerians and change misconception about their use.

He 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.

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

coins

“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, “he said.

It would be recalled that CBN Director of Banking and Payments System, Mr Dipo Fatokun in August said that the Central Bank would soon facilitate the introduction of multi-functional ATMs.

He noted that such ATMs would also be able to accept deposits from customers and credit their accounts immediately.

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