简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:CBN has ordered the commercial banks to cease allowing over-the-counter withdrawal of the new Naira notes. And to permit only its withdrawal via the ATMs
By: Damian Okonkwo
The Central Bank of Nigeria (CBN) has ordered the Nigerian banks to cease allowing the withdrawal for the new naira notes over-the-counter with immediate effect. This directive was issued in a circular dated January 7, 2023, and signed by the CBN Director of Currency Operations, Musa Itopa Jimoh.
According to the circular, the new directive is aimed at ensuring the “smooth distribution” of the new naira notes and to “minimize the risks associated with the handling of cash by bank staff and customers.” The CBN added that the directive does not affect the use of Automated Teller Machines (ATMs) for the withdrawal of new naira notes.
The CBN had earlier released the new naira notes in December 2022, in denominations of N200, N500, and N1000. The new notes, which are made of polymer, are expected to have a longer lifespan and be more resistant to counterfeiting.
However, the introduction of the new naira notes has not been without controversy. Some Nigerians have expressed concerns over the availability of the new notes, with some banks experiencing shortages. There have also been reports of fake versions of the new notes in circulation.
The CBN has assured the public that the new notes are readily available and has urged banks to increase their distribution. In a statement, the CBN Governor, Godwin Emefiele, said that the new notes are being distributed to all parts of the country and that the CBN has enough stock to meet the demand.
The CBN has also warned the public against counterfeiting and urged them to report any suspicious activity to the authorities. It has also advised the public to exchange their old naira notes at their banks before the deadline for doing so expires on June 30, 2023, which is the new date proposed by the Senate.
In conclusion, the CBN's decision to stop over-the-counter withdrawal of new naira notes is aimed at ensuring the smooth distribution of the new notes and minimizing the risks associated with handling cash. The directive does not affect the use of ATMs for the withdrawal of new notes. The CBN has assured the public that the new notes are readily available and has warned against counterfeiting. It has also urged the public to exchange their old naira notes before the deadline expires.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Oil production cuts in March are reshaping the market. Traders are closely watching OPEC+ decisions and supply disruptions, which could impact prices and future production strategies.
Leverage amplifies both potential profits and risks. Understanding how to calculate leverage and margin helps traders manage risks and avoid forced liquidation.
The global forex markets are bracing for April 2025 with divergent forecasts for key emerging market pairs. In particular, the USD/INR and USD/PHP pairs have attracted significant attention amid a mix of central bank interventions, evolving U.S. policy signals, and regional economic shifts. In this article, we review multiple forecasts, examine the driving factors, and outline what traders might expect as the month unfolds.
Know April’s forex seasonality trends for EUR/USD, GBP/USD, USD/JPY, AUD/USD, and USD/CAD. Historical insights and key levels to watch in 2025.