The Central Bank of Nigeria, CBN, has ordered Deposit Money Banks not to pay over-the-counter withdrawals of new naira notes to customers, with immediate effect.

Instead, the CBN has directed all banks to load their Automated Teller Machines, ATM’s, with only new notes to ensure that the currency circulates across the nation ahead of the January 31, 2023, deadline, when the old notes will no longer be legal tender.

It’s gathered the directive given by the CBN to the banks was issued on Wednesday 4th January 2023, titled, ‘Urgent update on currency redesign’ signed by the Group Head, Retail Operation, ‘stated:

The CBN has mandated that we immediately stop the Over-the-Counter payment of the new N200, N500 and N,1000 currency. Instead, all new notes should be loaded into the ATMs for customer withdrawals. This is effective immediately please,” the memo reads.

However, as of Friday, the banks had not been able to comply with the directive as they complained of inadequate supply of the new notes, prompting them to load their ATMs with the old notes instead of the new ones.

Story: Christy Dung