CBN Sets Limit For GTBank, Zenith Bank, Others On New Naira Withdrawal

The Central Bank of Nigeria (CBN) has instructed Guaranty Trust Bank (GTBank), Zenith Bank, and other commercial banks to start distributing the redesigned Naira notes over the counter.

Recall that the central bank had halted the withdrawal of the new Naira notes over the counter, directing commercial banks to instead dispense the cash through their Auto Teller Machines (ATM) to the public. 

CBN had made the initial decision to prevent banks from making the new banknotes available to only politicians or other high clients.

Prime Business Africa reported that the CBN’s Awka-Anambra State Branch Controller, Benedict Maduagwu, hinted that politicians are mopping up the new Naira notes. 

Maduagwu said three weeks ago: “the CBN will be sanctioning any commercial bank that is not dispensing new notes to the public. 

“We will be visiting commercial banks to ensure that they give out the new naira notes to the public to do their business. We will make sure that the new notes made available to banks are not diverted to politicians only.” 

CBN reverses decision, set limit

The apex bank has now backtracked on Thursday, 2, February 2023, informing the commercial banks to resume over-the-counter withdrawal of the new N200, N500 and N1,000 notes.

Prior to the recent announcement, banks had stated that they will start offering lower denominations of N10, N20 and N50 over-the-counter amid scarcity of the new higher denomination banknotes. 

However, the financial regulator has set a new directive of a maximum daily payout limit of N20,000, consisting of redesigned Naira notes, to each customer. 

“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. 

“We also admonish members of the public to embrace and adopt other payment channels for their transactions. 

“The Naira is our legal tender and symbol of national pride. Therefore, let us respect it and handle it with care,” CBN said in a circular released by its Director, Corporate Communications, Osita Nwanisobi.