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CBN directs banks to pay new naira notes

The Central Bank of Nigeria (CBN) 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.

In a statement by the Director Corporate Communication, Osita Nwanisobi, the Apex Bank assured Nigerians of the effective distribution of the newly introduced naira banknotes, urging them to exercise patience while it works towards resolving challenge of queues at ATMs.

“The Central Bank of Nigeria (CBN) has observed, with grave concern, the activities of persons who sell the newly redesigned banknotes and those who flagrantly abuse the legal tender by hurling wads of Naira notes in the air and stamping on the currency at social functions”, he said.

According to the statement, CBN is collaborating with the Nigeria Police, Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) to address the unpatriotic practice.

Writing by Hadiza Abdulrahman, Editing by Daniel Adejoh