Commercial banks must now pay consumers over the counter in smaller Naira denominations, according to a directive from the Central Bank of Nigeria (CBN).
These include N100, N50, N20, N10, and N5 notes, regardless of the amount a consumer withdraws.
This is stated in the Banker’s Committee directive to all commercial banks, which also instructed that the payment of old N1,000, N500, and N200 notes over the counter shall cease.
With this development, bank customers are urged to conduct their transactions through alternative channels, while those who insist on using the new naira notes are instructed to use automated teller machines (ATMs) (ATMs).
The directive was issued on Monday, January 30, 2023 after the Bankers’ Committee meeting in Lagos.