Why Nigeria’s apex bank, CBN, directed banks to pay new notes over the counter

By Chioma Obinagwam

The governor of Nigeria’s apex monetary authority, the Central Bank of Nigeria (CBN), has directed banks to begin the payment newly redesigned notes over the counter.

Confiance News gathered from a statement signed by the Director, Corporate Communications of CBN, Osita Nwanisobi on Thursday.

“In line with this resolve, the Governor, Mr. Godwin Emefiele, has directed deposit money banks (DMBs) to commence the payment of the redesigned Naira notes over the counter, subject to a maximum daily payout limit of N20,000,” the statement disclosed.

Confiance News recalls that hitherto the new naira notes were only withdrawn from Automated Teller Machines (ATMs).