CBN directs banks to begin over counter payment of new naira notes

CBN directs banks to begin over counter payment of new naira notes

The Central Bank of Nigeria (CBN) has ordered commercial banks to commence payment of the redesigned naira notes to customers over the counter.

The Central Bank of Nigeria in a statement on Thursday ordered commercial banks to begin the payment of the new naira notes to customers over the counter.

The CBN said the new directive was to alleviate the challenges that Nigerians are experiencing with getting access to the new naira notes, as well as reduce queues at the automated teller machines (ATMs) nationwide.

This was confirmed in a statement issued and signed by the Bank’s Director, Corporate Communications Osita Nwanisobi.

Nwanisobi stated that there is a N20,000 daily payout cap.

“In line with this resolve, the Governor, 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,” the statement added.