CBN directs banks to pay redesigned Naira notes to customers over the counter

Breaking: CBN directs banks to pay redesigned Naira notes to customers over-the-counter

The Central Bank of Nigeria (CBN) 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.

Director Corporate Communication, CBN, Osita Nwanisobi disclosed this in a statement adding that the apex bank will collaborate with the Nigeria Police, Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) to prosecute ab¥sers and sellers of the naira.

He said: “The Central Bank of Nigeria (CBN) has observed, with grave concern, the activities of persons who sell the newly redesigned banknotes and those who flagrantly ab¥se the legal tender by hurling wads of Naira notes in the air and stamping on the currency at social functions.

We have equally noticed the queues at Automated Teller Machines (ATMs) across the country and an upward trend in the cases of people stocking and aggregating the newly introduced banknotes they serially obtain from ATMs for reasons best known to them. Also worrisome are the reported cases of unregistered persons and non-bank officials swapping banknotes for members of the public, purportedly on behalf of the CBN.

While reiterating our commitment to Nigerians to ensure the effective distribution of the newly introduced naira banknotes, we urge them to exercise patience as the CBN is working assiduously to address the challenge of queues at ATMs. In line with this resolve, 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. We also admonish members of the public to embrace and adopt other payment channels for their transactions.”