BREAKING: THE CBN INSTRUCTS BANKS TO GIVE CONSUMERS REDESIGNED NAIRA NOTES IN CASH.

The CBN has ordered deposit money banks (DMBs) to start issuing the newly designed Naira notes over the counter, with a N20,000 daily payout cap.

In a statement, CBN Director of Corporate Communication Osita Nwanisobi made this disclosure and said the central bank would work with the Nigeria Police, FIRS, EFCC, and NFIU to prosecute absers and sellers of the naira.

“The Central Bank of Nigeria (CBN) has watched, with considerable worry, the activities of those who sell the newly redesigned banknotes and those who blatantly violate the legal tender by tossing wads of Naira notes into the air and stamping on the money at social gatherings.

We have also observed long lines at Automated Teller Machines (ATMs) around the nation, as well as an increase in the number of instances of people hoarding and aggregating freshly released currencies for reasons that are likely only known to themselves.