Business and Economy

CBN stops banks from paying out the new naira notes across their cash counters

The central bank of Nigeria has restricted banks in the country from paying out the new Naira notes to customers making over the counter cash withdrawals from any of their branches and outlets.

According to the CBN, all new Naira notes are to be dispensed through the automated teller machines (ATMs) and it has accordingly instructed the banks to load their respective ATM machines with the new Naira notes to ensure that the currency goes round the public ahead of the January 31 deadline already set by the regulator.

The CBN directed immediate implementation of the order across all the banks. However, due to shortage of the new notes, the banks are unable to fully comply with the directive

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