CBN orders banks to pay new notes over the counter

• Published date: 02 February 2023
• Publication title: Nigeria - The Nation

The Central Bank of Nigeria (CBN) has reversed itself and directed banks to commence paying customers new Naira notes Over The Counter (OTC).

The apex bank said the order was to reduce queues around Automated Teller Machines (ATMs) across the country.

CBN Governor Godiwn Emefiele gave the directive in Abuja on Thursday.

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'.

Speaking to the long queues at ATM points, Nwanisiobi lamented the queues at ATMs across the country 'and an upward trend in the cases of people stocking and aggregating the newly introduced banknotes'.

He said these people 'serially obtain cash 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'.

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The CBN spokesman appealed to Nigerians 'to embrace and adopt other payment channels for their transactions.

'There are moves now by the CBN and security agencies to go after party goers who abuse the Naira. In the same statement, Nwanisiobi said 'it is unlawful to sell the Naira, hurl (spray), or stamp on the currency under any circumstance...