CBN orders banks to pay new notes over the counter

Written by on February 3, 2023

The Central Bank of Nigeria (CBN) has reversed itself and directed banks to commence paying customers new Naira notes Over The Counter (OTC).

The apex bank said the order was to reduce queues around Automated Teller Machines (ATMs) across the country.

A statement from CBN’s Director Corporate Communication Osita Nwanisobi, explained banks can only pay N20,000 of the new notes over the counter per day to individuals.

Royal Times reports that to ensure the effective distribution of the newly introduced naira banknotes, the CBN urged Nigerians “to exercise patience as the CBN is working assiduously to address the challenge of queues at ATMs”.

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