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Banking, Economy & MoneyHeadlines

CBN Bans Over-The-Counter Withdrawal Of New Notes 

The Central Bank of Nigeria, CBN, has directed Deposit Money Banks not to pay customers making over-the-counter withdrawals of new naira notes again.

The ban was contained in a memo: “Urgent update on currency redesign,” by the Group Head, Retail Operation, CBN.

The memo said instead of making the new notes available over the counter, it should be loaded by the banks into their Automated Teller Machines.

The memo said: “The CBN has mandated that we immediately stop the Over-the-Counter payment of the new N200, N500 & N1,000 currency.

“Instead, all new notes should be loaded into the ATMs for customer withdrawals.

“This is effective immediately please. 


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