CBN order banks to dey pay new naira note for counter, to collabo wit security agents to prosecute pipo wey dey sell am

Di Central Bank of Nigeria don order all di commercial banks to begin dey pay Nigerians wit di new naira note ontop di counter as against di initial directive wey restrict am to ATM only.

Inside one statement wey Osita Nwanisobi, di Director, Corporate Communications sign, di apex bank govnor, Oga Godwin Emefiele, "direct deposit money banks (DMBs) to commence di payment of di redesigned Naira notes over di counter, subject to a maximum daily payout limit of N20,000."

Dis dem say become important sake of wetin di kontri pipo dey suffer inside long queues in front of Automated Teller Machines across di kontri.

Oga Emefiele also say dem dey work wit oda agencies to prosecute pipo wey dey sell and abuse di kontri Naira.

E say dem dey collabo wit Nigeri Police, Federal Inland Revenue Services, Economic and Financial Crimes Commission and di Nigerian Financial Intelligence Unit “to address di unpatriotic practice” of some Nigerians wey dey abuse di new bank notes.

CBN say dem don observe wit concern say e get pipo wey dey sell di newly redesigned banknotes plus di ones wey dey abuse di legal tender by throwing di money for air and dancing ontop am for parties.

CBN is committed to ensuring that the new Naira notes reach the hands of Nigerians as soon as possible. In collaboration with EFCC and ICPC, CBN has been carrying out Banks' Branch Spot-Checks on ATMs #BanksSpotCheck #NewNairaBankNotes pic.twitter.com/Edua52g1An

— Central Bank of Nigeria (@cenbank) February 2, 2023

E also note di latest trend now of hoarding di new notes wey dem collect from banks.

Anoda worrying trend wey di top bank notice na say some unregistered pipo wey no be bank officials dey swap banknotes for members of di public in di name of di CBN.

All dis activities di bank say na criminal offence as dem dey against Sections 21(3) and 21(4) of di Central Bank of Nigeria Act 2007.

Nigeria begin di implementation of im cashless policy as e introduce new bank notes to replace di top three old notes 200, 500 and 1000 naira notes.

However, di transition cashless society wey di introduction of di new notes initiate dey face challenges as scarcity of paper money hit hard on im kontri pipo.

'Banks dey hoard' - Emefiele

Di situation come worsen wit di failing of most of di banks online channels – USSD, bank Apps - wey don show say dem no dey prepared to facilitate di cashless society wey dem propose.

To make matters worse, although citizens no see di notes to collect, several viral videos show as pipo dey spray di new notes for parties wia vendors dey sell dem at premium.

On Tuesday, CBN govnor, Godwin Emefiele tell ad-hoc committee of di Nigeria House of Representatives say commercial banks dey hoard di new notes.

On Wednesday, CBN Lagos Deputy Director Banking Services department, Kayode Makinde say “we come across instances of sabotage on di part of operators.”

But some banks wey BBC tok to say dis cashless policy wey goment just introduce na to dia advantage as dem no go need to pay insurance premiums plus oda costs of handling cash.

Wen be di deadline for old naira notes?

Central Bank of Nigeria tok for statement say dem go stop to dey use di old naira notes on 10 February 2023.

Afta on di 10 February 2023, all di old notes wey dey outside go loss dia legal tender status.

Dat one mean say pesin no go fit use di old N200, N500 and N1,000 naira notes buy or pay for something afta 10 February 2023.

Di apex bank say afta di 10 February 2023 deadline, dem go give 7-days grace period.

Dis grace period go begin on 10 February to 17 February 2023 in compliance with section 20(3) of di CBN Act.

Dis na to allow Nigerians deposit dia old notes for CBN afta di February deadline wen di old currency don lost im legal tender status- dis mean say you no go fit use di money buy or do anything.

Wetin be di limit for di withdrawal of cash?

Di Central bank of Nigeria say di maximum limit for cash withdrawal across all channels by individual go now be #500,000 (Five hundred thousand Naira) instead of N100,000 and for corporate organisation, e go be #5,000,000 (Five million Naira) instead of N500,000 wey dem set before.

For any situation wia cash withdrawal go pass dat one, e go attract 3% processing fee for individual and corporate organisation go pay 5% percent to process am.

Dem no go fit pay any third party cheque wey dey above #100,000( one hundred thousand Naira) ova di counter. And di extent limit of #10 million on clearing cheque still exist.

Also, CBN say Monthly returns on cash withdrawal transactions wey dey above di specified limits must go unda banking supervision or oda financial institutions wia e dey applicable.

Dem believe say di redesigned notes go reduce di amount of cash wey dey in circulation and therefore restricts di way kidnappers take dey demand ransom plus e no go also make politicians fit rig elections.

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