BREAKING! CBN Introduces New Policy As Naira Notes Scarcity Worsens; SEE What Banks Have Been Ordered To Do

BREAKING! CBN Introduces New Policy As Naira Notes Scarcity Worsens; SEE What Banks Have Been Ordered To Do.

The Central Bank of Nigeria (CBN), in an effort to alleviate the lengthy wait times experienced by customers at Automated Teller Machines (ATMs) located across the country, issued a directive to Deposit Money Banks instructing them to begin paying the newly designed notes to customers over the counter immediately, with the maximum amount paid being N20, 000.

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The central bank of Nigeria has said that it would cooperate with the Nigerian Police and other government authorities in order to bring those who sell and misuse the naira to justice.

The Central Bank of Nigeria (CBN) issued a statement that was signed by its Director of Corporate Communications, Osita Nwanisobi, in which it said that the CBN has noted with great concern the actions of those who sell the freshly redesigned banknotes.

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It went on to say that those individuals who blatantly misuse the legal tender by throwing wads of Naira notes into the air and stomping on the money during social occasions are in violation of the law.

It added that it has brought to the official notice that it has brought to the official notice that the queues at Automated Teller Machines (ATMs) across the country and an upward trend in the cases of people stockpiling and aggregating the newly introduced banknotes they serially obtain from ATMs for reasons best known to them have been brought to the attention of the government.

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It also responded to the distribution occurrences, which have been widely publicized of unregistered individuals and non-bank officials allegedly exchanging banknotes to members of the general public is n the name of Central Bank of Nigeria (CBN).

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BREAKING! CBN Introduces New Policy As Naira Notes Scarcity Worsens; SEE What Banks Have Been Ordered To Do.

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