CBN Gives Fresh Order To Banks On New Naira Notes

• CBN has given a fresh order to commercial banks.

• The development was confirmed in a statement by the apex bank’s Director of Corporate Communications, Osita Nwanisobi.

• Paying the new notes over the counter was initially prohibited.

EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) on Thursday directed commercial banks to start paying the new naira notes to customers over the counter in the banking halls.

Paying of the new notes over-the-counter was initially prohibited.

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The apex bank also said it would, in conjunction with the Nigerian Police and other agencies, prosecute sellers and abusers of naira.

CBN, in a statement signed by its Director of Corporate Communications, Osita Nwanisobi, said: “The CBN has observed with grave concern, the activities of persons who sell the newly redesigned banknotes and those who flagrantly abuse the legal tender by hurling wads of Naira notes in the air and stamping on the currency at social functions.”

“We have equally noticed the queues at Automated Teller Machines (ATMs) across the country and an upward trend in the cases of people stocking and aggregating the newly introduced banknotes they serially obtain from ATMs for reasons best known to them.

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“Also worrisome are the reported cases of unregistered persons and non-bank officials swapping banknotes for members of the public, purportedly on behalf of the CBN.”

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