CBN Issues Fresh Directive To Commercial Banks Over New Notes Scarcity

The Central Bank of Nigeria, (CBN) has directed all commercial banks to pay customers over the counter in N100, N50, N20, N10, and N5 notes, regardless of the amount withdrawn.

The Bankers Committee issued the directives to all commercial banks in the country on Monday, and also announced the discontinuation of old notes payments of N1000, N500 and N200 across the counters.

The committee noted that bank customers are encouraged to use their alternative channels for transactions, while those who insist on new Naira notes are advised to use Automated Teller Machines (ATMs).

The directives were issued on Monday, following a meeting of the bankers’ committee in Lagos State.

Meanwhile, the CBN Governor, Godwin Emefiele, in a statement on Sunday extended the deadline for old Naira notes.

Emefiele also noted that he obtained permission from President Muhmammadu Buhari to effect the extension.

Emefiele stated that, so far CBN has collected 1.9 trillion and is left with 900 billion to achieve effective implementation of policy.

According to the apex bank chief, the extension, a 7-day grace period was a result of measures put in place to ease the scarcity.

The decision is coming after CBN had previously insisted that it would not extend the deadline.

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