The Central Bank Of Nigeria, (CBN) has directed all commercial banks to pay customers over the counter in N100, N50, N20, N10, and N5 notes, regardless of the amount withdrawn.
Naija News reports that Bankers Committee issued the directives to all commercial banks in the country on Monday, and also announced the discontinuation of old notes payment of N1000, N500 and N200 across the counters

The committee noted that bank customers are encouraged to use their alternative channels for transactions, while those who insist on new Naira notes are advised to use Automated Teller Machine (ATMs).

The directives were issued on Monday, following a meeting of the bankers committee in Lagos State.


Old Notes Deadline Extended
Meanwhile, the CBN Governor, Godwin Emefiele, in a statement on Sunday extended the deadline for old Naira notes.

Emefiele also noted that he obtained permission from President Muhmammadu Buhari to effect the extension.


Emefiele stated that, so far CBN has collected 1.9 trillion and left with 900 billion to achieve effective implementation of policy.


According to the apex bank chief, the extension, ‘a 7-day grace period’ was as a result of measures put in place to ease the scarcity.

The decision is coming after CBN had previously insisted that it would not extend the deadline.

Source: https://dailypost.ng/New-Notes-Scarcity-CBN-Issues-Fresh-Directive-To-Banks

The new naira notes are already in the hands of politicians whom buhari and emiefele are trying to prevent from using it for campaign bribe.

This makes perfect sense. In other countries, people still spend coins. Why has it become a crime for our ATM to dispense #100 and #200? Our ATMs always dispense #500 and #1000.

That leads to scarcity of change, and Lagos conductors will even refuse to carry you because you have no change.

And buhari think he can prevent the corrupt leaders. Just dey play, dey play dey play.

Wwa

Cryptocurrency is only a good investment if you can at least HODL it for 4 years.

madafuckers

Revolution2022:
The new naira notes are already in the hands of politicians whom buhari and emiefele are trying to prevent from using it for campaign bribe.

Every new note can be tracked to the bank it was issued. Some people have started trading it. Some people will fall victim and be used as scape goats

adenigga:



Source: https://dailypost.ng/New-Notes-Scarcity-CBN-Issues-Fresh-Directive-To-Banks

Banks should dispense lower denominations

Neyoohpompy:
Cryptocurrency is only a good investment if you can at least HODL it for 4 years.

How far, una done start again abi

Revolution2022:
The new naira notes are already in the hands of politicians whom buhari and emiefele are trying to prevent from using it for campaign bribe.

true talk

Revolution2022:
The new naira notes are already in the hands of politicians whom buhari and emiefele are trying to prevent from using it for campaign bribe.

Wow, you must have attended a meeting with PMB and Emefiele where this was discussed and decided.

IPOB and their supporters have no brain.

CBN is just finding a way out of it's failure

Useless country with useless leaders..

Polithiefcians will always have more access to the new notes and they will buy votes with the new notes...the same way it was done for saint bubu and Osinbajo...no naira redisign policy will change that. However, it'll only create more avenue for greedy bankers and POS operators to cash in, making it difficult for the people to have access to their money

Neyoohpompy:
Cryptocurrency is only a good investment if you can at least HODL it for 4 years.

Una don start

I hope this cashless policy will also force the prices of goods in the market down.

Nigeria is the headquarter of Nollywood.

Okay na

This cashless policy Emefiele carry for head like Gala and they rush am as if Nigeria go end very soon eh

Make we just dey see as things dey go

I hope it will really achieve its aim and won't be like the boader closure that made things very hard for Nigerians.

yaki84:

Yesterday someone tried withdrawing cash over the counter, na 1995 100naira bill dem pay am..

I fear...

I just love what emefiele in collaboration with buhari are doing.

Let those thieves keep stacking cash at home

Why do some of you have to tell lies?

When is the ₦100 bills introduce into Nigeria?

🚦Good for the Gangstar, #5 in One million, you go count tired..

🚨🚨🚨🚨🚨🚨🚨
For efficiency of the cashless policy and to be stress free for the citizen, I challenge the CBN to bring down charges incur on transfers through USSD and Mobile banking to the barest minimum

i.e

amount less then #10,000 =0% charges
Above10,000 - 50,000 = 0.002% charge...

By doing this, I think it'll encourage SME and farmers market.

There should be a physical supervision

1. No Bank is authorised to pay out OLD NOTES again via ATMs or in bank branches over the counter

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

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

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

5. 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

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

7. 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

Please note that no new notes for anyone over the counter in branches. I think this make sense

All of them na the same criminals. It’s all for their selfish interests. I’m sure that this new naira note they are projecting to the masses, there is something happening underground that is being covered.

THE END OF POS BUSINESS

Why are ATMs not dispensing lower notes.
This country just tire person, the transparency in this process is highly doubtful.

Its the real fact….

Thanos5555:


How far, una done start again abi

PoS wey dey charge 100naira for every 1000 naira?

Yes but not as they want, and within this period of election they can't get it which is just the essence to avoid vote buying

Revolution2022:
The new naira notes are already in the hands of politicians whom buhari and emiefele are trying to prevent from using it for campaign bribe.

Buhari is allowing himself to be used by Emefiele
Sooner than later one bank will be burnt down.
People can't do their transactions, ATM is not dispensing cash,and banks can't dispense too.
You try bank transfer and a single transfer will take hours to days.
All it will take is a single incidence to spark the outrage and even the election which is the reason for all this hardship won't hold.

Nigerians are on the edge... Fuel crisis, high cost of things and now the fact that you can't even get cash... It's just a single incidence of a customer that will be angry in the bank and security men there not dealing with it well... And boom.. the real revolution we had been talking about