CBN directs commercial banks to pay consumers new Naira notes Over the Counter

*Godwin Emefiele, Governor of Central Bank of Nigeria, has directed Deposit Money Banks to commence the payment of redesigned Naira notes to consumers Over the Counter, subject to a maximum daily payout limit of N20,000

Isola Moses | ConsumerConnect

As part of the banking regulator’s efforts at ameliorating the plight of Nigerian consumers struggling hard to get the new Naira notes, the Central Bank of Nigeria (CBN) has directed the Deposit Money Banks (DMBs) to begin the payment of the new Naira notes Over the Counter (OTC).

Mr. Osita Nwanisobi, Director, Corporate Communications at CBN, said this in a statement signed and issued Thursday, February 2, 2023.

Nwanisobi stated the latest development on the Naira policy is part of moves to ameliorate the plight of Nigerians, who are finding it hard to get the new notes.

The statement noted: “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.”

Regulator warns, pledges to prosecute currency racketeers

The CBN, admitting the difficulties Nigerians have faced in trying to get money via the banks’ Automated Teller Machines (ATMs), also reassured of its commitment to making the process seamless.

The Bankers’ Bank also pledged to prosecute  racketeers of the new Naira notes.

The CBN disclosed it is working with relevant agencies to make that happen to such saboteurs.

The Bank further said: “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.

“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.”

The need to value, protect the Naira

On the importance of valuing the national currency, the CBN also stated: “We wish to state unequivocally that, contrary to the practice of these unpatriotic persons, it is unlawful to sell the Naira, hurl (spray), or stamp on the currency under any circumstance whatsoever.

“For the avoidance of doubt, Section 21(3) of the Central Bank of Nigeria Act 2007 (As amended) stipulates that ‘spraying of, dancing or matching on the Naira or any note issued by the Bank during social occasions or otherwise howsoever shall constitute an abuse and defacing of the Naira or such note and shall be punishable under the law by fines or imprisonment or both.’

“Similarly, Section 21(4) states that ‘It shall also be an offence punishable under Sub-section (1) of this section for any person to hawk, sell or otherwise trade in the Naira notes, coins or any other note issued by the Bank.”