New naira: CBN orders over-the-counter payments

Marcus Amudipe
Marcus Amudipe


Bisola David

Deposit money banks are now allowed to start issuing the newly designed Naira notes over the counter, subject to a daily payout cap of N20,000 set by the Central Bank of Nigeria.

According to Daily Trust, the directive was issued shortly after businesses came to a complete halt due to a lack of the newly designed notes and haven deposited their old ones with commercial banks.

The CBN urged Nigerians to exhibit patience while it worked hard to find a solution to the problem of long lines at ATMs, and it reaffirmed its commitment to ensuring the effective distribution of the recently introduced Naira banknotes.

The CBN expressed grave concern about the activities of those who sell the newly redesigned banknotes and those who blatantly abuse the legal tender by tossing wads of naira notes into the air and stamping on the money at social events, according to a statement signed by the director of corporate communication, Osita Nwanisobi.

According to Nwanisobi, “We have also observed the long lines at ATMs around the nation and an increase in the instances of persons hoarding and aggregating the newly introduced banknotes they serially receive from ATMs for reasons best known to them.

“Reported instances of unregistered individuals and non-bank officials exchanging banknotes for members of the public while ostensibly acting on behalf of the CBN are also concerning.

“We desire to say categorically that it is illegal to sell the Naira, spray, or stamp on the cash under any circumstances whatsoever, contrary to the practice of these disloyal persons.”

The paragraph was taken from Section 21(4), which reads, “It shall also be an offence punished under Sub-section (1) of this section for any person to hawk, sell, or otherwise deal in the Naira notes, coins, or any other note issued by the Bank.”

Nwanisobi claimed that in order to combat the unpatriotic behavior, the CBN is working with the Nigeria Police, the Federal Inland Revenue Service, the Economic and Financial Crimes Commission, and the Nigerian Financial Intelligence Unit.

He issued a warning to Nigerians, especially those present at social gatherings like birthdays, marriages, and funerals, to stop.

He also urged the general public to embrace and use alternative payment methods for their purchases.

Share this Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *