JUST IN: The CBN instructs banks to start disbursing fresh naira notes.
Commercial banks are now required by the Central Bank of Nigeria to begin handing out the new naira notes to consumers in the banking halls.
Osita Nwanisobi, the bank’s director of corporate communications, confirmed the event in a statement on Thursday.
The top bank ordered banks to pay new notes over the counter, which was previously prohibited, and assured Nigerians that the lines at Automated Teller Machine stands would soon disappear.
We have also observed long lines at ATMs across the nation, as well as an increase in the instances of people hoarding and aggregating the newly introduced banknotes they repeatedly receive from ATMs for reasons best known to themselves, according to the statement.
“Reported instances of unregistered individuals and non-bank officials exchanging banknotes for members of the public while ostensibly acting on behalf of the CBN are also concerning.