Banks Ordered By CBN To Begin Over Counter Payment Of New Naira Notes

Commercial banks have been ordered by the Central Bank of Nigeria (CBN) to begin the payment of the new naira notes to customers over the counter.

The instruction was given on Thursday in a statement issued and signed by the Bank’s Director of Corporate Communications Osita Nwanisobi.

Nwanisobi disclosed that the maximum daily payout limit is N20,000 naira only.

“In line with this resolve, the Governor, Mr Godwin Emefiele, 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", he stated.

The development comes amid the call by the apex bank to Nigerians to show understanding and comply with its recent directives.

According to CBN Governor Godwin Emefiele, there will be hitches at this initial stage but it is for the betterment of the Nigerian economy.

"At this initial stage, there will be hitches but it is to make the Nigerian economy better and stronger,” he said.