Central Bank Directs Banks To Begin Paying New Naira Notes

Written by on February 2, 2023

The Central Bank of Nigeria has directed commercial banks to start paying the new naira notes to customers over-the-counter in the banking halls, subject to a maximum daily payout limit of N20,000.

This was according to a statement issued today by the bank’s Director of Corporate Communications, Osita Nwanisobi.

The apex bank assured Nigerians that the queues at Automated Teller Machine stands will end soon while directing banks to pay new notes over the counter, which was previously banned.

In the statement, the CBN expressed concerns over the selling of the new notes, adding that it would work with security agencies to address the issue.

The bank said it is partnering with the Nigeria Police, Federal Inland Revenue Service, the Economic and Financial Crimes Commission and the Nigerian Financial Intelligence Unit to address the issue of the sale and abuse of new notes in the country.

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