Naira Redesign: CBN Permits N20,000 Over-The-Counter Withdrawal Limit, POS Operators Charge 10%

Mr Godwin Emefiele, Governor, Central Bank of Nigeria (CBN), has directed commercial banks to begin the payment of the redesigned naira notes over the counter.

Emefiele gave the directive in a statement posted on the CBN Website on Thursday and signed by the Director, Corporate Communications, Mr Osita Nwanisobi.

He noted that the new directive would address the challenge of queues experienced at various commercial banks across the country.

The governor 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.”

According to him, in line with this resolve, the commencement of the payment of the redesigned naira notes over the counter is subject to a maximum daily payout limit of N20,000.

READ MORE: CBN ‘ll Continue To Redeem Old Naira Notes After Deadline – Emefiele Tells Reps

The governor also said the bank had observed with grave concern, the activities of persons who were selling the newly redesigned banknotes and the queues at Automated Teller Machines (ATMs).

He expressed worry that unregistered persons and non-bank officials had been swapping banknotes for members of the public, purportedly on behalf of the CBN, among others.

The CBN boss also noted that it was collaborating with the relevant security agencies to address the unpatriotic practice.

Meanwhile, Point of Sale (PoS) agents in Lagos have begun to take advantage of naira notes scarcity to demand extra charges on every transaction made by customers.