As the cashless policy of the Central Bank of Nigeria which restricts the amount of cash that can be withdrawn by customers over the counter and via Automated Teller Machines (ATM) begins nationwide tomorrow, bank branches have been told not to pay the redesigned Naira notes over the counter.
A bank staff who confirmed this development on Sunday, said a memo to that effect was issued on Friday, January 6 2023, said they were told to only load the new notes into ATMs and not issue them over the counter.
Although the new notes are still scarce with some bank staff confirming that they do not have while those that said they have said they have only a few which is not enough to serve their customers.
The memo titled “Urgent Update on Currency Redesign” and 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.”
