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CBN Directs Banks To Pay Customers With Only ₦100, ₦50, ₦20, ₦10, ₦5 Over The Counter

The Central Bank of Nigeria, CBN, has directed the commercial banks in the country to only pay customers over-the-counter in ₦100, ₦50, ₦20, ₦10, and ₦5 notes, regardless of the amount withdrawn.

The Bankers Committee issued the directives to all Deposit Money Bank, (DMBs) on Monday.

They also announced the discontinuation of old notes payment of ₦1000, ₦500 and ₦200 across the counters.

The committee noted that bank customers are encouraged to use their alternative channels for transactions.

Those who insist on new Naira notes are advised to use Automated Teller Machine (ATMs).


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