CBN gives new directive to banks on redesigned Naira notes

Amid anguish in the land over the scarcity of the new naira notes, the Central Bank of Nigeria (CBN) has issued a new directive to Deposit Money Banks (DMBs) to immediately commence the payment of the redesigned naira notes over the counter.


However, individuals are subject to a daily limit of N20,000.

Newsmen report that the directive is coming against the background of businesses grinding to a halt over the scarcity of the new naira notes and with ATMs not dispensing enough of the naira notes.


In a statement issued by its Director Corporate Communication, Osita Nwanisobi, the apex bank reiterated its call for patience from the public over the distribution of the new naira notes, saying the bank was working to address the issues.


The bank nevertheless expressed concern over the abuse of the naira by individuals especially at social functions and parties.


The bank also expressed concern over the activities of persons who sell the newly redesigned banknotes.

Nwanisobi said: “We have equally 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.


“We wish to state unequivocally that, contrary to the practice of these unpatriotic persons, it is unlawful to sell the Naira, hurl (spray), or stamp on the currency under any circumstance whatsoever.“


The statement quoted Section 21(4) which states that “It shall also be an offence punishable under


Sub-section (1) of this section for any person to hawk, sell or otherwise trade in the Naira notes, coins or any other note issued by the Bank.”


Nwanisobi said the CBN despite the new directive to the banks on the new naira notes was collaborating with the Nigeria Police, Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) to address the unpatriotic practice.


He 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.


He also admonished members of the public to embrace and adopt other payment channels for their transactions.

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