UPDATED: CBN directs commercial banks to pay new notes over the counter, sets limit

The Central Bank of Nigeria (CBN) Thursday directed commercial banks to commence paying the newly redesigned naira notes to customers over the counter. However, only a maximum amount of N20,000 can be paid to each customer over the counter, the regulator said.

In a statement posted on its website, the central bank also warned Nigerians at social functions such as birthdays, weddings and funerals, to desist from disrespecting the Naira or risk being arrested by law enforcement agencies.

The bank also stated that the new mode of payment is subject to a maximum daily payout limit of N20,000.

Since the extension of the deadline given by the CBN for the exchange of the old notes, there has been chaos in banks and ATM points across Nigeria.

Many Nigerians attributed the development to the scarcity of the new notes.

Nigerians alleged that the central bank and commercial banks were hoarding the new notes as videos of people “spraying” the notes at social functions litter social media platforms.

Government agencies and professional bodies have equally called on the CBN to ease the suffering of Nigerians.

In its statement Thursday, the bank reiterated plans to deepen circulation and address the scarcity of the new notes.

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“We, therefore, warn Nigerians, particularly those at social functions such as birthdays, weddings and funerals, to desist from disrespecting the Naira or risk being arrested by law enforcement agencies,” the bank said.

‘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 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.”