SCARCITY: Emefiele orders Deposit Money Banks to pay new notes over counter

The Central Bank of Nigeria (CBN) has ordered commercial banks to commence payment of the new naira notes to customers over the counter.

This followed the hardship in the country because of the scarcity of the new banknotes.

However, the CBN Governor, Mr. Godwin Emefiele according to a statement, directed that payment over the counter should be a maximum daily pay out limit of N20,000.

He urged the public to embrace and adopt other payment channels for their transactions to avoid the challenges of queuing at Automated Teller Machines (ATMs) galleries.

In the statement by the Director of Corporate Communications, Osita Nwanisobi, Emefiele said the directive to the banks to pay over the counter is part of the move to reduce the suffering of those finding it hard to get the new banknotes.

The statement said: “In line with this resolve, the Governor, Mr. Godwin Emefiele, has directed deposit money banks (DMBs) to commence the payment of the redesigned Naira notes over the counter, subject to a maximum daily pay out limit of N20, 000.”

According to the CBN, it is working with the police, Federal Inland Revenue Service (FIRS), Economic and Financial Crimes Commission (EFCC) and Nigerian Financial Intelligence Unit (NFIU) to address the sharp practices surrounding the circulation of the new naira notes.

The apex bank vowed to prosecute those caught selling the new banknotes.

While majority of Nigerians are struggling at various premises of lending banks and ATMs vicinities to access the redesign notes – N200, N500 and N1000, respectively, the social media space is awash with ceremonial scenes of new notes being sprayed in pieces and bundles.

Emefiele said: “We have equally noticed the queues at the ATMs across the country and an upward trend in the cases of people stocking and aggregating the newly introduced banknotes they serially obtain from ATMs for reasons best known to them.

“Also worrisome are the reported cases of unregistered persons and non-bank officials swapping banknotes for members of the public, purportedly on behalf of the CBN.”

The CBN reiterated that it is unlawful to sell the naira, hurl (spray), or stamp on the currency under any circumstance whatsoever.

It added: “We, therefore, warn Nigerians, particularly those at social functions such as birthdays, weddings and funerals, to desist from disrespecting the naira or risk being arrested by law enforcement agencies.”