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Sunday, October 24, 2021

CBN Plans Coins-dispensing ATMs for Nigerians

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As some Nigerians have advised that the Central Bank of Nigeria (CBN) should encourage Nigerians to spend coins, the apex bank has said that it will facilitate the introduction of Automated Teller Machines (ATMs) that can dispense coins to encourage Nigerians imbibe the culture of spending them.

It will be recalled that about two weeks ago, the president and chairman of Council, National Institute of Marketing of Nigeria, Chief Lugard Aimiuwu had told the CBN that it should encourage the citizens of the country to spend coins. It seems that the CBN is ready to heed this advice as Mr Chidi Umeano, Head of Shared Services at CBN, on Monday in Lagos revealed that the bank will facilitate the introduction of coins-dispensing Automated Teller Machines (ATMs), saying that this plan was in fact in tune with the currency restructuring exercise.

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

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

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