CBN has instructed banks to start over-counter payments for fresh notes

The payment of the new naira notes to clients over the counter was mandated by the Central Bank of Nigeria (CBN) on Thursday.

Osita Nwanisobi, the director of corporate communications for the bank, acknowledged this in a statement that was released and signed.

The daily payout cap, according to Nwanisobi, is N20,000.

The statement continued, “In keeping with this determination, the Governor, Mr. Godwin Emefiele, has authorised deposit money banks (DMBs) to begin the payment of the redesigned Naira notes over the counter, subject to a maximum daily payout limit of N20,000.