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CBN Directs banks to begin over the counter Payment of new naira notes

The Central Bank of Nigeria (CBN) has directed commercial banks to start paying the redesigned naira notes to customers over the counter as against the earlier directive of paying only through the ATM.

In a statement on Thursday, CBN Governor Godwin Emefiele said the new directive was to alleviate the challenges that Nigerians are experiencing with getting access to the new notes, as well as reduce queues at the automated teller machines (ATMs) nationwide.

The statement read, “We have equally noticed the queues at Automated Teller Machines 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.


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