CBN Directs Banks To Pay Customers With ₦100, ₦50, ₦20, ₦10, ₦5 Over Counter

The Central Bank of Nigeria (CBN) has directed commercial banks to, henceforth, pay cus­tomers over-the-counter with the lower naira denominations.

These include N100, N50, N20, N10, and N5 notes regardless of how much a customer is with­drawing.

This is contained in the Bankers’ Committee directive to all commercial banks in the country while also announcing that payment of old N1000, N500, and N200 notes across the count­er should be stopped.

With this development, bank customers are encouraged to use their alternative channels for their transactions, while bank customers who insist on the new naira notes are to use Automated Teller Machines (ATMs).

Naira Redesign: CBN Directs Banks To Pay Customers With ₦100, ₦50, ₦20, ₦10, ₦5 Over Counter

The directive was issued on Monday, January 30, 2023, after the Bankers’ Committee meet­ing in Lagos.

Commercial banks will henceforth pay customers over-the-counter with N100, N50, N20, N10, and N5 notes regardless of how much a customer is with­drawing.

The Bankers’ Committee gave the directive to all commer­cial banks in the country while also announcing that payment of old N1000, N500, and N200 notes across the counter should be stopped.

With this development, bank customers are encouraged to use their alternative channels for their transactions, while bank customers who insist on the new naira notes are to use automated teller machines (ATMs).

The directive was issued on Monday after the Bankers’ Com­mittee meeting in Lagos.

BY IYABO AINA

Publisher News Rain Nigeria