Banks to Stop Payment of Old Naira Notes Over the Counter, Customers to Get Lower Denominations

Banks to Stop Payment of Old Naira Notes Over the Counter, Customers to Get Lower Denominations

  • Nigerian banks have agreed to stop the payment of old naira notes to customers in the banking hall
  • Banks customers will now only get the lower denominations of the old naira notes when making over-the-counter withdrawals
  • The Central Bank of Nigeria has set February 10 as the deadline for Nigerians to return the old naira notes

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Customers who want to withdraw cash from a bank will no longer be given the old N200, N500, and N1000 notes as a substitute for the redesigned notes when they are unavailable.

This was the agreement reached by the Banker’s Committee after a meeting in Lagos on Monday, January 30, 2023, BusinessDay reports.

The message from the meeting is that henceforth customers will only get N100, N50, N20, N10, and N5 regardless of how much a customer is withdrawing over the counter.

Read also

CBN Reveals Next Line of Action for Old Naira Notes After Feb 10 Deadline, Makes Promises

New naira notes customers bank
Banks to pay customers with low denomination of new naira notes. Photo credit: CBN
Source: Getty Images

The committee also encouraged Nigerians to use alternative channels for their transactions.

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Also, bank customers who insist on the new naira notes are to use Automated Teller Machines (ATMs).

CBN old naira notes deadline

The development is in consonance with the CBN press statement signed by its governor, Godwin Emefiele who announced that the deadline for the exchange of old naira notes is now February 10, 2023.

The statement also revealed that there is still N900 billion in old notes outside banks and wants it before the new deadline of February 10.

Banks will be sanctioned

To avoid regulatory hammers, many banks have directed their core and non-core operations staff to ensure they don’t have situations of cash shortages in their Automated Teller Machines only to find that they have the new naira notes in their vaults.

Read also

New notes: CBN to monitor bank’s strong rooms after extending naira deadline by 10 days

Legit.ng had earlier reported that CBN promised to monitor bank vaults to see how the allocated new naira notes are been circulated.

Nigerians react as video shows man spraying bundles of new naira notes at party

Meanwhile, Nigerians have reacted to a video showing a bundle of new naira notes sprayed at a party.

The video is coming at a time many Nigerians remain unsure of their fate after the January 31, 2023 deadline.

The Central Bank of Nigeria has reaffirmed that the deadline for depositing old currency will not be extended.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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