Finally, CBN Bows To Pressure, Directs Banks To Pay New Naira Notes To Customers Inside Banking Halls

Limits Daily Over-The-Counter Withdrawal Of New Naira Notes To N20,000
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…Says Queues At ATMs Will Disappear Soon

The Central Bank of Nigeria on Thursday finally bowed to pressure from Nigerians and have directed all Deposit Money Banks to pay the redesigned Naira Notes to customers over the counter.

The directive is contained in a statement issued by the CBN on Thursday and made available to TrackNews

The statement said the CBN Governor, Mr. Godwin Emefiele, has directed all Deposit Money Banks to commence the payment of the redesigned Naira notes over the counter, subject to a maximum daily payout limit of N20,000.

This is just as the apex bank also expressed grave concern on the activities of persons who sell the newly redesigned banknotes and those who flagrantly abuse the legal tender by hurling wads of Naira notes in the air and stamping on the currency at social functions.

It also expressed lamented the long 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.