The Central Bank of Nigeria (CBN) has directed commercial banks in the country to start paying new 200, 500, 1,000 naira notes to customers over the counter.
The CBN Governor, Godwin Emefiele, gave the directive via a statement issued on Thursday.
Emefiele stated that the directive was to tackle the challenges Nigerians are experiencing with getting the new currency, adding that it will reduce queues at the Automated Teller Machines (ATMs) across the country.
The CBN stated that it is working to ensure the effective distribution of the newly introduced naira banknotes.
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It urged Nigerians to exercise patience, saying it is working assiduously to address the challenge of queues at ATMs.
“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.
“We also admonish members of the public to embrace and adopt other payment channels for their transactions. The Naira is our legal tender and symbol of national pride. Therefore, let us respect it and handle it with care,” the apex bank said.
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