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CBN doles out fresh directives to banks on new naira notes

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Following the extension of the old naira notes by the apex bank, the Central Bank of Nigeria (CBN) has issued new directives to commercial banks operating in the country.

A statement issued after the CBN bankers committee meeting on Monday reads, “No bank is authorized to pay out old notes again via ATMs or in bank branches over the counter.

“No payment of new notes over the counter. Banks are only allowed to release new notes via ATMs

“Corporates that require cash should only be given the old N100 notes and below. Corporates must not be given the new notes.

“EFCC/ICPC officials will accompany CBN examiners to inspect bank branches over the next two weeks to assess full Compliance with CBN guidelines above.

“Officials of branches that fail to comply or that release cash to Corporates and Politicians will face termination of their contracts and the respective banks will be sanctioned.

“No branch should allow an individual with multiple Debit cards to do multiple transactions on ATMs.

“All new notes have tracking numbers to trace them back to State, Bank and Bank branches. So notes confiscated at parties and other locations can be traced back to the Bank and applicable branch.”

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