Economist Seeks Lower ATM Denominations

L-R: Representative of the Minister of Industry, Trade and Investment, Mr Jonathan Juma, Director-general, Consumer Protection Council, Mrs Dupe Atoki and the representative of Unido, Efehi Ubebe, at the launch of Check Best Before Campaign in Abuja, recently.

Against the backdrop of
dispensing only the highest denominations of the naira notes through the Automated Teller Machines, (ATMs), an economist, Mr Uzoma Luke, has called on the Central Bank of Nigeria (CBN) to reverse the trend.
Luke who said with this in a chat with our correspondent in Port Harcourt recently said the idea of loading only the highest denominations of the naira note was not healthy for smooth banking operations.
He said the CBN, under Godwin Emefiele should mandate banks ATM operations nationwide to dispense N500 N200 and N100 naira notes respectively to facilitate economic growth.
According to him, it takes the lower denominations of any currency for the balancing of any accounts even as he said the dearth of lower naira denominations was counter productive.
Luke who is also a business consultant said with a new man at the helm of affairs at the CBN, he was confident that the nation’s chief banker will listen to popular opinion, especially as it affects monetary policy.
Sheding more light, he explained that the process would be easy to accomplish given that presently all the denominations in circulation were in bank notes.
He said if implemented, the problems associated with “no change” syndrome would be reduced to the barest minimum.
He said since banks no longer pay customers across the counter with lower denominations, customers should be availed the opportunity through the ATMs.
While congratulating the new CBN boss, Luke said it was imperative for him to leave a lasting legacy in the nation’s apex bank in the area of positive economic  policies before leaving office.