January 07, (THEWILL) – The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs), to stop issuance of the new Naira notes to customers making over-the-counter withdrawals.
According to Saturday Punch, the directive was contained in a circular issued to DMBs on Wednesday, by the Apex bank.
However, a source in a Tier-1 bank, who confirmed the directive to the Media, said her lender, on Thursday, issued a memo in that respect to all the branch managers to enforce the CBN order.
Signed by the Group Head, Retail Operation, the memo Tiled ‘Urgent Update on Currency Redesign’, stated that “the CBN has mandated that we immediately stop Over-the-Counter payment of the new N200, N500 & N1000 currency. Instead, all new notes should be loaded into the ATMs for customer withdrawals. This is effective immediately please.”
The source added that the apex bank directed the DMBS 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.
About the Author
