CBN Approves Over-the-Counter Payment of New Naira Notes
Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), gave deposit money banks (DMBs) yesterday instructions to start issuing the newly designed naira notes over the counter, with a N20,000 daily payout cap.
Emefiele also asked Nigerians to be patient, noting that the central bank was making serious efforts to address the issue of long lines at Automated Teller Machine (ATM) locations throughout the nation.
This coincided with the federal government’s declaration yesterday that the suffering being endured by the populace as they attempt to switch from the old naira to the redesigned ones should be considered as a temporary sacrifice for the country in order to attain long-term economic sanity.
At a news conference held at the State House in Abuja, Minister of Finance, Budget, and National Planning Mrs. Zainab Ahmed added that President Muhammadu Buhari was not pleased with the situation.
Two notable traditional leaders in Ogun State did, however, yesterday voice support for the CBN’s cashless strategy.
The two traditional rulers were Oba Sikiru Adetona, the Awujale and Paramore by Ruler of Ijebuland, and Oba Adedotun Aremu Gbadebo, the Alake and Paramount Ruler of Egbaland.
Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), gave deposit money banks (DMBs) yesterday instructions to start issuing the newly designed naira notes over the counter, with a N20,000 daily payout cap.
Emefiele, the central bank governor emphasized that the CBN remained committed to ensuring the effective distribution of the recently launched naira banknotes nationally in a statement by CBN Director, Corporate Communications Department, Mr. Osita Nwanisobi.
He claimed that for reasons best known to them, people were serially obtaining the newly introduced banknotes from the cash dispensing machines and stocking and aggregating them. He claimed that the central bank was aware of the long lines at ATMs across the nation and the rising trend in these cases.
The CBN also voiced concern over incidents in which unregistered individuals and non-bank personnel were allegedly exchanging banknotes for members of the public on the CBN’s behalf.
The top bank also stated that it will penalize anyone found selling the newly redesigned banknotes as well as anyone found flagrantly abusing the legal tender by tossing wads of naira notes into the air and stamping on it at social gatherings.
“We desire to emphasize unambiguously that, contrary to the habit of these anti-patriotic individuals, it is forbidden to sell the naira, hurl (spray), or stamp on the currency under any circumstances at all,” Nwanisobi added.
