CBN limits over the counter withdrawal of new naira notes to N20,000 per day
New naira notes

The newly designed naira notes will go into circulation on Thursday, as deposit money banks are to commence releasing the bills to their customers via over-the-counter payments.

President Muhammadu Buhari had recently unveiled the new bills at a weekly Federal Executive Council meeting in Aso Rock Villa.

The President unveiled the redesigned notes across the N200, N500 and N1,000 denominations.

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), had in October announced that apex bank would release re-designed naira notes by December 15, 2022.

He also disclosed that the old notes would cease to be regarded as legal tender by January 31, 2023.

Emefiele pointed out that the redesigning of the naira notes would help to curb counterfeit notes, and reduce ransom payments to terrorists and kidnappers.

Top officials of commercial banks confirmed to Punch on Wednesday that they had received the new notes from the CBN a couple of days ago, adding that the redesigned currency would be released to their customers effective Thursday.

“We got the funds (new notes) about two days ago. Our head office has dispatched the funds to various area offices across the country. My branch will pick up our allocation at a nearby area office. We will start releasing the new notes to our customers by Thursday,” according to a top official of a commercial bank who spoke to one of our correspondents on condition of anonymity on Wednesday because he was not authorised to speak on the matter.

Multiple banking sources also said the new notes had arrived and were being kept in their vaults.

They confirmed the new notes would be paid to customers in banking halls beginning from Thursday.

 

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