CBN Bans Over-The-Counter Withdrawals Of New Notes

The Central Bank of Nigeria (CBN) has ordered Deposit Money Banks not to pay customers making over-the-counter withdrawals of new naira notes for now.

Rather, the apex bank ordered the banks to load their Automated Teller Machines (ATMs) with only new notes to make sure that the currency goes round the nation ahead of the January 32, 2023 deadline when the old notes will no longer be legal tender.

The apex bank issued the directive to the banks on Wednesday and ordered that the implementation must commence as soon as possible.