After unveiling new Naira notes as legal tender in November 2022, the Central Bank of Nigeria noted the new notes would completely replace old ones shortly after. Yet, two months after their release and three weeks before the old ones become illegal tender (Jan. 31), the new notes are reportedly yet to be seen by many, raising concerns about the availability of the new Naira notes.
In compliance with the new cash withdrawal policy, banks sent out notices to customers, sensitizing and urging customers to comply with the apex bank’s directive.
Under the new cash withdrawal policy, individuals can only withdraw a maximum of N500, 000 while corporate organizations can draw only N5 million cash per week. Also third-party cheques above N100, 000 are no longer eligible for payment over the counter. They would henceforth be paid into bank accounts.
With regards to concerns on new naira note circulation and the phasing out of old notes, the CBN has clarified that it did not ban banks from paying customers the new notes over the counter. CBN’s Director of Corporate communications, Osita Nwasinobi said, adequate plans have been made to heighten the circulation of new notes, but the CBN is reported to have begun circulating on December 15, 2022.
Still, the apex bank assures that banks have an adequate supply of the required quota of new notes at the moment.
Confirming this, some banks have reportedly sent messages to customers stating, “we are happy to inform you that the newly redesigned notes are now available at our ATMs nationwide. Please note that the maximum daily cash withdrawal limit for these notes at the ATMs is N100,000.”
With a population of over 200 million people and the resultant long queues in banking halls over the January 31st deadline coupled with growing tensions over the coming elections and other economic maladies, Nigerians who are yet to access the new notes worry about their fate when the old notes cease to be legal tender.
Their only respite is the Central Bank of Nigeria saying it is working closely with banks to make the new notes readily available before the deadline.
