CBN stops over-the-counter withdrawal of redesigned naira notes

The Central Bank of Nigeria has directed commercial banks in the country to load their automated teller machines with the redesigned naira notes in a bid to boost circulation.

The CBN also ordered the banks to halt dispensing the new currency notes over-the-counter.

CBN’s spokesperson, Osita Nwasinobi, said the new directive takes effect immediately.

He explained that the attention of the apex bank was drawn to complaints from Nigerians who have not been able to access the redesigned notes since the banks started dispensing them on December 15, 2022.

The CBN’s image maker said the directive was given to increase the circulation of the new naira notes across the country ahead of the January 31, 2023 deadline to phase out the old notes.

“The CBN is concerned about claims by Nigerians that they had not come in contact with the new notes and therefore, directed the banks to ensure that they load their ATMs with new notes.

“This will ensure quick and wider circulation of the new notes across Nigeria,” Nwasinobi said.

Responding to the claim that the new notes were in short supply in banks, Nwasinobi described it as “false”.