Due to the scarcity of newly designed notes, most Nigerians have had a miserable week. Imagine buying the naira with the same currency. It can only be in Nigeria. 😢
But here’s some good news: The Central Bank of Nigeria (CBN) has instructed commercial banks to issue newly redesigned naira notes to customers over the counter, with a daily payout limit of ₦20,000.
The CBN acknowledged Nigerians’ difficulties withdrawing money from Automated Teller Machines (ATMs) and promised to make the process more seamless.
Consequently, it stated that the new directive would reduce the long lines of bank customers at ATMs to collect the new naira notes, which have been in short supply.
According to the CBN Director of Corporate Communications, Osita Nwanisobi, the apex bank promised to prosecute racketeers of the new naira notes, stating that it is working with relevant agencies.
Concerning people stockpiling and accumulating newly introduced banknotes, the CBN says it is illegal to sell the naira, hurl, spray, or stamp on the currency under any circumstances.”
According to Section 21(3) of the Central Bank of Nigeria Act 2007 (As amended), spraying, dancing, or matching on the naira or any note issued by the bank during social occasions or otherwise shall constitute abuse and defacing of the naira, and shall be punishable under the law by fines, imprisonment, or both.
Remember that after prohibiting over-the-counter withdrawal of new naira notes earlier in January, the CBN extended the deadline for accepting old naira notes from January 31 to February 10, 2023.
On December 21, 2022, the CBN reviewed its policy on cash withdrawal limits, increasing weekly withdrawals for individuals and corporate organisations to ₦500,000 and ₦5 million, respectively, up from ₦100,000 and ₦500,000.
Article by: chpoint.africa
February 03, 2023 - BY Admin