Banks commence disbursement of new naira notes

Banks in major cities in Nigeria have started dispensing new naira notes to over-the-counter customers.

Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), had on October 26, 2022 said the apex bank will issue redesigned N200, N500, and N1,000 notes, effective December 15, 2022, while the new and existing currencies will remain legal tender and circulate together until January 31, 2023.

Amid the stiff opposition, the apex bank ordered Deposit Money Banks (DMOs) and other financial institutions to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.

The apex bank said the regulatory directives take effect nationwide from January 9, 2023.

The CBN further fixed daily maximum withdrawals via point of sale (PoS) and Automatic Teller Machine (ATM) terminal at N20,000 and said only denominations of N200 and below shall be loaded into the ATMs.

Source: Banks commence disbursement of new naira notes – StocksWatch (stocksng.com)

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