BREAKING: CBN Directs Banks to Pay Lower Naira Denominations Across the Counter

The Central Bank of Nigeria (CBN) has directed all commercial banks in the country to pay customers over the counter with the lower Naira denominations.Information Guide Nigeria

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

THE WILL reports that this is contained in the Banker’s Committee directive to all commercial banks in the country while also announcing that payment of old N1,000, N500, and N200 notes across the counter should be stopped.

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

The apex 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 Committee announced that payment of old N1,000, N500, and N200 notes across the counter should be stopped.

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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).

Meanwhile, the CBN Governor, Godwin Emefiele  announced that the deadline for the exchange of old naira notes is now February 10.NYSC portal

The statement also revealed that there was still N900 billion outside banks and wanted it before the new deadline of February 10.

In a statement, Emefiele said, “We deployed all our staff, particularly the Assistant Directors, Deputy Directors and Directors in Abuja to proceed to all CBN branches Nationwide to join the mass mobilization campaign and monitoring programs, working with the Deposit Money Banks, agents and our Branch controllers across the 36 states of the Federation.

“This is meant to ensure compliance with all our guidelines already issued for smooth implementation of the program. Although we have received some reports of breaches by some bank branches, we have agreed with Executive Chairmen of the EFCC and ICPC to assist us, by sending their staff to all CBN and DMB branches nationwide to join in monitoring the implementation of these guidelines.

“The aim is to ensure compliance with the laid down guidelines”, the CBN governor said in the statement.

He added, “We are happy that so far, the exercise has achieved a success rate of over 75 percent of the N2.7 trillion held outside the banking system. Nigerians in the rural areas, villages, the aged and vulnerable have had the opportunity to swap their old notes; leveraging the Agent Naira Swap initiative as well as the CBN Senior staff nationwide sensitization team exercise.”JAMB Result

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