The Central Bank of Nigeria (CBN) on Thursday directed commercial banks to commence paying the newly redesigned naira notes to customers over the counter.
In a statement posted on the bank’s website, the central bank also warned Nigerians at social functions such as birthdays, weddings and funerals, to desist from disrespecting the Naira or risk being arrested by law enforcement agencies.
The bank also stated that the new mode of payment is subject to a maximum daily payout limit of N20,000.
“We, therefore, warn Nigerians, particularly those at social functions such as birthdays, weddings and funerals, to desist from disrespecting the Naira or risk being arrested by law enforcement agencies,” the bank said.
‘While reiterating our commitment to Nigerians to ensure the effective distribution of the newly introduced Naira banknotes, we urge them to exercise patience as the CBN is working assiduously to address the challenge of queues at ATMs.
“In line with this resolve, the Govenor, Mr. Godwin Emefiele, has directed deposit money banks (DMBs) to commence the payment of the redesigned Naira notes over the counter, subject to a maximum daily payout limit of N20,000.”