The Central Bank of Nigeria (CBN) has directed commercial banks to start paying the redesigned naira notes to customers over the counter.
In a statement on Thursday, CBN Governor Godwin Emefiele said the new directive was to alleviate the challenges that Nigerians are experiencing with getting access to the new notes, as well as reduce queues at the automated teller machines (ATMs) nationwide.
The CBN governor acknowledged the difficulties Nigerians are facing in order to get money from Automated Teller Machines (ATMs). In order to resolve this issue, Emefiele has directed all 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. Emefiele also reassured that the CBN will keep making the process seamless, and he also vowed to prosecute racketeers of the new naira notes.
There have been a lot of reported cases of people stocking and aggregating the new notes, as well as cases of unregistered persons and non-bank officials swapping banknotes for members of the public, purportedly on behalf of the CBN. Emfiele has warned that all persons involved in these illegal practices shall be punishable under the law by fines, imprisonment, or both.
