The Central Bank of Nigeria (CBN) has directed commercial banks to start handing out the new naira notes to customers over the counter.
The directive was made public on Thursday in a statement written and signed by Osita Nwanisobi, the Bank’s director of corporate communications.
The maximum daily payout amount is N20,000, according to Nwanisobi.
“In line with this resolve, the Governor, Mr Godwin Emefiele, has directed deposit money banks (DMBs) to commence the payment of the redesigned Naira notes over the counter, subject to a maximum daily payout limit of N20,000″, he stated.
The development comes amid the call by the apex bank to Nigerians to show understanding and comply with its recent directives.
According to CBN Governor Godwin Emefiele, there will be hitches at this initial stage but it is for the betterment of the Nigerian economy.
“At this initial stage, there will be hitches but it is to make the Nigerian economy better and stronger,” he said.