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CBN Issues Fresh Directive To Commercial Banks Over New Naira Notes

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Scarcity: CBN Issues Fresh Directive To Commercial Banks

Regardless of the amount withdrawn, the Central Bank of Nigeria (CBN) has ordered all commercial banks to pay customers over the counter in N100, N50, N20, N10, and N5 notes.

On Monday, Bankers Committee announced the discontinuation of old notes payments of N1000, N500, and N200 across the counters and issued directives to all commercial banks in the nation.

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Read Also: CBN Extends Deadline for old naira notes to Feb 10, 2023.

The committee noted that while those who insist on using new Naira notes are advised to use automated teller machines (ATMs), bank customers are encouraged to use their alternative channels for transactions.

The instructions were given out on Monday following a bankers’ committee meeting in Lagos State.

In the meantime, the deadline for old Naira notes was extended by CBN Governor in a statement on Sunday.

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Emefiele also mentioned that he got President Muhammadu Buhari’s approval to carry out the extension.

Also Read: Nigerian Newspapers: 10 things you need to know today, Tuesday, January 31, 2023

According to Emefiele, the CBN has so far collected 1.9 trillion dollars, leaving it with 900 billion to implement policy effectively.

The extension, which included a 7-day grace period, was the result of measures put in place to lessen the shortage, according to the head of the top bank.

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The decision was made after CBN previously insisted that the deadline would not be extended.

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