CBN directs banks to pay customers N100, N50, N20, N10 & N5 denominations over the counter.
Commercial banks now pay their customers over-the-counter banknotes in N100, N50, N20, N10 and N5 regardless of the amount withdrawn.
The Banking Commission issued a directive to all commercial banks in the country to stop paying old N1,000, N500 and N200 bank notes at the counter.
The development encourages the bank’s customers to use alternative channels for transactions, while customers insisting on the new naira notes are advised to use ATMs (cash dispensers).
The directive was issued yesterday, Monday 30 January 2023, after a meeting of the Banking Commission in Lagos.