Cashless Policy: Banks Stops Dispensing Redesigned Naira Over The Counter

As the cashless policy of the Central Bank of Nigeria which restricts the amount of cash that can be withdrawn by customers over the counter and via Automated Teller Machines (ATM) begins nationwide tomorrow, bank branches have been told not to pay the redesigned Naira notes over the counter.

A bank staff who confirmed this development to LEADERSHIP Sunday, said a memo to that effect was issued on Friday, January 6 2023, said they were told to only load the new notes into ATMs and not issue them over the counter.

Although the new notes are still scarce with some bank staff confirming that they do not have while those that said they have said they have only a few which is not enough to serve their customers.

The memo titled “Urgent Update on Currency Redesign” and signed by the group head, Retail Operation, stated, “The CBN has mandated that we immediately stop the Over-the-Counter payment of the new N200, N500 and N,1000 currency. Instead, all new notes should be loaded into the ATMs for customer withdrawals. This is effective immediately please.”

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LEADERSHIP Sunday could not get comments from the CBN spokesperson as he did not pick his call or respond to text messages as at press time.

The newly redesigned N200, N500 and N1,000 notes which were released on December 15, 2022 are expected to be have been in circulation with the old notes to cease to be legal tender by the end of this month.

Banks were also expected to re-program their ATMs to dispense only N200 effective this Monday, January 8, 2023. Also customers cannot access more than N20,000 from thier accounts via ATM daily with a weekly maximum of N500,000 accessible in cash over the counter.

The senate had directed the CBN to shift the implementation of the cashless policy but as at press time there has been no indication from the apex bank that the implementation date of January 9, 2023 for the cashless policy will shift.

LEADERSHIP Sunday had earlier reported that, with the deadline for the old notes drawing nearer, the new notes still remain scarce at both ATMs and over the counter.

The scarcity of the new notes in circulation had led to speculations that the CBN may shift the January 31, 2023 deadline for the old notes.