Sterling bank clears air on new notes distribution

New Notes Distribution At Ado-Ekiti Branch

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

1. The Naira notes referenced were received prior to the re-configuration 

of the branch’s Automated Teller Machines (ATMs) to dispense the 200 

Naira denomination.

2. On January 23, 2023, a regulatory official visited our branch in AdoEkiti and the vault contained N 6,000,000 in N 200 denominations.

3. During the visit, the official observed that we had ran out of N1,000 

and N500 notes on that day and were unable to load the N200 as the 

ATMs had not yet been configured to dispense N200 notes.

4. At the time of the visit, the subsisting instruction was that the newly 

designed notes were not to be dispensed over the counter.

5. All our ATMs have been dispensing the available quantities of the 

N1000 and N500 denominations of the newly designed currency as 

received since the commencement of the policy. We have also 

successfully reconfigured our ATMs nationwide to dispense N200 notes.

6. All denominations can now be withdrawn from our ATMs and over the 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.