Banks dispense redesigned naira notes to customers

Commercial banks in Nigeria, on Thursday, commenced the dispensation of newly redesigned naira notes to customers.

Scores of customers were paid the newly redesigned naira notes by the banks at the counter.

It would be recalled that the Central Bank of Nigeria (CBN) recently redesigned three naira notes out of the existing eight banknotes.

These are the N200, N500, and N1,000 denominations which took effect on Thursday, December 15, 2022, after its launch by President Muhammadu Buhari.

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The apex bank had also directed commercial banks in the country to work on Saturdays till January 31, 2023, to enable bank customers to return old naira notes for new ones.

The CBN said the new and existing currencies shall remain legal tender and circulated together until January 31 when the existing money shall cease to be legal tender in Nigeria.

The CBN, last Tuesday, announced N500,000 as the maximum withdrawal by corporate organisations and N100,000 by individuals with effect from January 9, 2023.

It also limited daily cash withdrawal at Point of Sale (PoS) terminals to N20,000.

The apex bank ordered banks to load only N200 and lower denominations into their Automated Teller Machine (ATM), noting that the move was in line with its cashless policy.

The Star