Commercial banks have been ordered to pay customers over-the-counter with the lower Naira denominations.

The order was given by the Central Bank of Nigeria (CBN). 

This means that bank customers will be paid N100, N50, N20, N10 and N5 notes regardless of how much a customer is withdrawing.

This is contained in the Banker’s Committee directive to all commercial banks in the country while also announcing that payment of old N1,000, N500, and N200 notes across the counter should be stopped.

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

The directive was issued on Monday, January 30, 2023 after the Bankers’ Committee meeting in Lagos.

Commercial banks will henceforth pay customers over-the-counter with N100, N50, N20, N10 and N5 notes regardless of how much a customer is withdrawing.

The Banker’s Committee gave the directive to all commercial banks in the country while also announcing that payment of old N1,000, N500, and N200 notes across the counter should be stopped.