Breaking: CBN mandates banks to disburse new Naira notes over counter

Updated

February 2, 2023

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Redesigned naira notes everywhere yet there are none in the Banks

The Central Bank of Nigeria (CBN) recently issued a mandate ordering commercial banks to start handling withdrawals of the redesigned naira notes over-the-counter.

Governor Godwin Emefiele explained in a statement that this directive was to counter the challenges faced by customers who are trying to access the released new notes, and also reduce long queues at automatic teller machines across the country.

A statement from CBN’s Director Corporate Communication Osita Nwanisobi, explained banks can only pay N20,000 of the new notes over the counter per day to individuals.

The statement reads: “The Govenor, Mr. Godwin Emefiele, has directed Deposit Money Banks (DMBs) to commence the payment of the redesigned Naira notes over the counter, subject to a maximum daily payout limit of N20,000”.

To ensure the effective distribution of the newly introduced naira banknotes, the CBN urged Nigerians “to exercise patience as the CBN is working assiduously to address the challenge of queues at ATMs”.

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