CBN Bans Over the counter Withdrawal of New Notes

The Central Bank of Nigeria has ordered Deposit Money Banks not to pay customers making over-the-counter withdrawals of new naira notes again.Instead, the apex bank directed the banks to load their Automated Teller Machines with only new notes to ensure that the currency circulates across the nation ahead of the January 31, 2023 deadline when the old notes will no longer be legal tender.

Saturday PUNCH gathered that the apex bank issued the directive to the banks on Wednesday and ordered that the implementation must begin immediately.

However, as of Friday, the banks had not been able to comply with the directive as they complained of inadequate supply of the new notes, prompting them to load their ATMs with the old notes.

The source, who is a manager in one of the bank’s branches in Ikeja, Lagos, however, complained that the new notes were in short supply, hence the branch decided to load a mixture of the old and new N1,000 and N500 notes in the ATMs for customers to withdraw.

Peoplesmind