CBN orders banks to pay new naira notes over the counter
The Central Bank of Nigeria (CBN) has directed deposit money banks to commence the payment of the redesigned naira notes over the counter, subject to a maximum daily limit of N20,000.
The CBN said on Thursday that it remained committed to ensuring the effective distribution of the newly introduced naira banknotes to Nigerians.
“We urge them to exercise patience as the CBN is working assiduously to address the challenge of queues at ATMs,” it said in a statement. “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 central bank urged members of the public to adopt other payment channels for their transactions.
It said it had observed with grave concern 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.
“We have equally noticed the 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,” the CBN said.
“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.”
According to the apex bank, it is unlawful to sell the naira, hurl (spray), or stamp on the currency under any circumstance whatsoever.
The CBN is collaborating with the Nigeria Police, Federal Inland Revenue Service, the Economic and Financial Crimes Commission and the Nigerian Financial Intelligence Unit to address the unpatriotic practice.
“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,” it added.