We provide Instant breaking news alerts and information about the day's most talked-about stories around Nigeria, Africa and the world trending news.
CBN bans over-the-counter withdrawal of new notes
CBN bans over-the-counter withdrawal of new notes
The Central Bank of Nigeria (CBN) has ordered Deposit Money Banks not to pay customers making over-the-counter withdrawals of new naira notes again.
The CBN directed the banks to rather load their Automated Teller Machines with only new notes to ensure that the currency circulates across the nation ahead of the January 31, 2023 deadline when the old notes will no longer be legal tender.
It was gathered that the apex bank issued the directive to the banks on Wednesday and ordered that the implementation must begin immediately.
Related Posts
Read Also: CBN limits cash withdrawals to N100,000 weekly
The directive which was issued in a memo, titled, ‘Urgent update on currency redesign’ and signed by the Group Head, Retail Operation, stated, “The CBN has mandated that we immediately stop the Over-the-Counter payment of the new N200, N500 & N,1000 currency. Instead, all new notes should be loaded into the ATMs for customer withdrawals.
“This is effective immediately please.”
However, as of Friday, the banks had not been able to comply with the directive as they complained of an inadequate supply of the new notes, prompting them to load their ATMs with the old notes.
