New Notes Distribution At Ado-Ekiti Branch – Sterling Bank

We would like to formally state the facts surrounding our branch in Ado Ekiti.

The Naira notes referenced were received prior to the re-configuration of the branch’s Automated Teller Machines (ATMs) to dispense the two Naira denomination.

On January 23, 2023, a regulatory official visited our branch in Ado-Ekiti and the vault contained six million naira in two hundred naira denominations.

During the visit, the official observed that we had ran out of one thousand naira and five hundred naira notes on that day and were unable to load the two hundred naira as the ATMs had not yet been configured to dispense two hundred naira notes.

At the time of the visit, the subsisting instruction was that the newly designed notes were not to be dispensed over the counter.

All our ATMs have been dispensing the available quantities of the one thousand naira and five hundred naira denominations of the newly designed currency as received since the commencement of the policy.

We have also successfully reconfigured our ATMs nationwide to dispense two hundred naira notes.

All denominations can now be withdrawn from our ATMs and over the counter in line with regulatory pronouncement on February 2, 2023.

We hereby confidently assure the public that the branch was not hoarding any funds and that Sterling remains at the forefront of ensuring that this exercise is a resounding success.

Together, we will all overcome this inconvenience and come out stronger.

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