The Central Bank of Nigeria (CBN) yesterday directed banks to commence immediate over-the-counter cash payments to their customers.
But it pegged the daily amount at N20,000.
It is to reduce queues at Automated Teller Machines (ATMs) terminals across the country.
In the latest directive, the CBN urged Nigerians “to embrace and adopt other payment channels for their transactions”.
The apex bank also urged Nigerians in the statement by its Director, Corporate Communications, Osita Nwanisobi, “to exercise patience as the CBN is working assiduously to address the challenge of queues at ATMs”.
Nwanisobi said the bank had noted “ an upward trend in cases of people stocking and aggregating the newly introduced banknotes” as well as “cases of unregistered persons and non-bank officials swapping banknotes for members of the public, purportedly on behalf of the CBN.”
According to him, those who stock and aggregate the new notes for reasons best known to them risked being arrested.
The CBN spokesman also warned Nigerians, “particularly those at social functions such as birthdays, weddings and funerals to desist from disrespecting the Naira or risk being arrested by law enforcement agencies.”.
A part of the statement reads: “In line with this resolve, the Govenor, Mr. Godwin Emefiele, has directed deposit money banks (DMBS) to commence the payment of the redesigned naira notes over the counter, subject to a maximum daily payout limit of N20,000.
“We also admonish members of the public to embrace and adopt other payment channels for their transactions.”
