CBN Orders Banks To Pay New Notes Over The Counter To Reduce Cash Squeeze
The Central Bank of Nigeria (CBN) has directed banks to start paying the newly redesigned notes over the counter in the banking halls nationwide, to cope with the scarcity of naira notes. The payment will not exceed N20,000 daily.
The apex bank’s Director of Corporate Communication, Osita Nwansinobi in a statement on Thursday, assured that the long queue at the Automated Teller Machine (ATM) points would soon disappear.
It expressed concern over the queues at the ATM points, and those selling the new naira notes, and its abuse at social events.
The apex bank says that security and anto-graft agencies would be engaged to clampdown on those selling new naira notes or abusing it.
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The scarcity of both old and new naira notes had increased economic hardships in the country, crippling business and social lives.
However, presidential candidate of the Nigeria National Peoples Party (NNPP), Senator Rabiu Kwankwaso has said that the new naira change policy has no effect on the rich Nigerians and politicians.
The presidential candidate also said the elites being targeted would not be affected by the policy.
Kwankwaso speaking on a television programme, accused the Central Bank of Nigeria (CBN) of punishing ordinary Nigerians with the naira redesign policy.
He  said the big time politicians, particularly, the presidential candidates, either had controlling shares in the banks or have friends who can help them mobilise whatever amount of money they needed.
Kwankwaso also said the ruling All Progressive Congress (APC) and the People’s Democratic Party (PDP) have state governors who could help to mobilize the new naira notes in their respective states.
