Bank customers will henceforth be paid lower denominations of the Naira across the counter.
This followed an official communication from the Central Bank of Nigeria (CBN) to all commercial banks in the country.
Regardless of the amount to be withdrawn, a customer will only be paid N100, N50, N20, N10 and N5 across the counter.
The directive emanated from the Banker’s Committee held in Lagos today, Monday, January 30. Also, the apex bank stopped with immediate effect the payment of old N1,000, N500, and N200 notes across the counter.
The apex bank encouraged bank customers to use their alternative channels for their transactions, while bank customers who insist on the new naira notes are to use Automated Teller Machines (ATMs).
It would be recalled that the CBN Governor, Godwin Emefiele on Sunday announced that the deadline for the exchange of old naira notes is now February 10.
The governor expressed hope that the N900 billion outside the banking system would be brought in by the new deadline of February 10.
In a statement, Emefiele said, “We deployed all our staff, particularly the Assistant Directors, Deputy Directors and Directors in Abuja to proceed to all CBN branches Nationwide to join the mass mobilization campaign and monitoring programs, working with the Deposit Money Banks, agents and our Branch controllers across the 36 states of the Federation.
“This is meant to ensure compliance with all our guidelines already issued for smooth implementation of the program. Although we have received some reports of breaches by some bank branches, we have agreed with the Executive Chairmen of the EFCC and ICPC to assist us, by sending their staff to all CBN and DMB branches nationwide to join in monitoring the implementation of these guidelines.
“The aim is to ensure compliance with the laid down guidelines.
“We are happy that so far, the exercise has achieved a success rate of over 75 per cent of the N2.7 trillion held outside the banking system. Nigerians in the rural areas, villages, the aged and the vulnerable have had the opportunity to swap their old notes; leveraging the Agent Naira Swap initiative as well as the CBN Senior staff nationwide sensitization team exercise.”
