CBN directs banks to pay customers with only N100, N50, N20, N10, N5 over the counter

Commercial banks will now pay customers over-the-counter in N100, N50, N20, N10, and N5 notes, regardless of the amount withdrawn.

The Banker’s Committee issued the directive to all commercial banks in the country, as well as an announcement that the payment of old N1,000, N500, and N200 notes across the counter should be discontinued.

With this development, bank customers are encouraged to use their alternative channels for transactions, while those who insist on the new naira notes are advised to use Automated Teller Machines (ATMs).

The directive was issued today, Monday, following a meeting of the bankers’ committee in Lagos.