CBN Orders Banks To Start paying New Naira Notes

In a bid to reduce the long queue at bank’s Automated Teller Machine stands, commercial banks have been directed by the Central Bank of Nigeria, to commence payment with the new Naira note over-the-counter in their various hall

The statement was released on Thursday  by the bank’s Director of Corporate Communications, Osita Nwanisobi.

The central bank promised that the long queues at Automated Teller Machine stands will be constrained totally, while banks have been given the directive to start paying new notes over-the-counter, which was previously banned.

The statement read, “We have equally noticed the queues at Automated Teller Machines across the country and an upward trend in the cases of people stocking and aggregating the newly introduced banknotes they serially obtain from ATMs for reasons best known to them.

“Also worrisome are the reported cases of unregistered persons and non-bank officials swapping banknotes for members of the public, purportedly on behalf of the CBN.