CBN bans withdrawal of new notes over-the-counter

The Central Bank of Nigeria, CBN has ordered Deposit Money Banks not to pay customers who withdraw new naira notes over the counter.

To guarantee that the money circulates across the country prior to the deadline of January 31, 2023, when the old notes will no longer be accepted as legal tender, the central bank instead instructed the banks to fill their Automated Teller Machines with exclusively new notes.

The apex bank issued the directive to banks on Wednesday and ordered that implementation begin immediately.

The banks protested that there wasn’t enough of the new notes available, so they loaded their ATMs with the old ones as of Friday, failing to comply with the instruction.

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