Deposit Money Banks (DMBs) have been directed by the Central Bank of Nigeria (CBN) to pay their customers the new Naira notes a maximum of N20,000 daily.
This was contained in a statement issued on Thursday, February 2, 2023, by the apex bank, signed by its spokesman, Mr Osita Nwanisobi.
According to the CBN, this development is to ease the sufferings Nigerians are going through to access the new banknotes from their banks and other channels.
Earlier, Business Post reported that commercial banks were not paying their customers because of a cash crunch. Most banks were unable to honour the cash withdrawals of their customers because they had no new notes to pay and were not allowed to pay with the old currency notes.
In the statement released today, the central bank said it “noticed the queues at Automated Teller Machines (ATMs) 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.”
The bank said to ease the pressure, the Governor of the CBN, Mr Godwin Emefiele, “has directed deposit money banks (DMBs) to commence the payment of the redesigned Naira notes over-the-counter (OTC), subject to a maximum daily payout limit of N20,000.”
However, the CBN warned “Nigerians, particularly those at social functions such as birthdays, weddings and funerals, to desist from disrespecting the Naira or risk being arrested by law enforcement agencies,” stressing that, “The Naira is our legal tender and symbol of national pride. Therefore, let us respect it and handle it with care.”
The apex bank urged “members of the public to embrace and adopt other payment channels for their transactions.”