The Central Bank of Nigeria (CBN), on Thursday has issued a directive to financial institutions across the country to commence paying customers the new Naira notes Over The Counter (OTC).
This was contained in a statement issued by the CBN’s Director of Corporate Communication, Osita Nwanisobi.
According to the statement, the CBN governor, Godwin Emefiele gave the directive in order to reduce queues around Automated Teller Machines (ATMs) across the country.
In the statement, Nwanisiobi explained banks can only pay N20,000 of the new notes over the counter per day to individuals.
The statement reads: “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.
“To ensure the effective distribution of the newly introduced naira banknotes, the CBN urged Nigerians “to exercise patience as the CBN is working assiduously to address the challenge of queues at ATMs”.
The CBN spokesman also appealed to Nigerians “to embrace and adopt other payment channels for their transactions.
“There are moves now by the CBN and security agencies to go after party goers who abuse the Naira. It is unlawful to sell the Naira, hurl (spray), or stamp on the currency under any circumstance whatsoever” describing those engaging in these practices as “unpatriotic persons”.
The CBN particularly frowned at those “who sell the newly redesigned banknotes and those who flagrantly abuse the legal tender by hurling wads of Naira notes in the air and stamping on the currency at social functions”.
To stop this practice, Nwanisiobi said “the CBN is collaborating with the Nigeria Police, Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) to address the unpatriotic practice”.
He warned 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”.
