Naira Scarcity: CBN Directs Banks to Begin Over-the-Counter Payment of new Notes

Paschal Emeka, Abuja | February 2, 2023

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

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

Nwanisobi said the maximum daily payout limit is N20,000 naira only.

“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.

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