CBN Has Directed Commercial Banks To Dispense N100, N50, N20, N10 and N5 Notes Regardless Of How Much The Customer Is Withdrawing

 CBN Has Directed Commercial Banks To Dispense N100, N50, N20, N10 and N5 Notes Regardless Of How Much The Customer Is Withdrawing.

CBN Has Directed Commercial Banks To Dispense N100, N50, N20, N10 and N5 Notes Regardless Of How Much The Customer Is Withdrawing.

The Central Bank of Nigeria (CBN) has directed commercial banks to, henceforth, pay customers over-the-counter with the lower Naira denominations. 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.

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).

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

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

The Banker’s Committee gave the 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.

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).

The directive was issued today, Monday after the bankers’ committee meeting in Lagos

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